Iraq’s Oil Minister, Adel Abdul-Mahdi, said that the country’s oil production will reach 4 million barrels a day this year after the recent agreement with Kurdistan.

Iraq's Oil Minister, Adel Abdul-Mahdi, said that the country's oil production will reach 4 million barrels a day this year after the recent agreement with Kurdistan, NINA reported.

"This is a historic figure that happens for the first time," Abdul-Mahdi said in a press statement, indicating that Iraq has made great efforts and invested large sums of money to get to this number.

He added that Iraq's oil exports last month approached 3 million barrels per day, including the oil through the port of Ceyhan.

"It is expected to see, in the second half or the last of this year, a surge in oil prices," the Iraqi minister noted.

Abdul-Mahdi expressed his belief that oil prices would not return to what they were during the past years.

He stressed that increasing oil production volume will compensate the decline in oil prices.