Iraq plans to raise oil production to seven million barrels per day (bpd) within the next three years, Prime Minister Ali al-Zaidi said on Saturday. “We have already presented this vision to US companies,” al-Zaidi said during an interview with Sky News, according to a statement from his media office. Iraq's current production is about 4.2 to 4.3 million bpd. The PM said his upcoming trip to Washington is not just a routine protocol visit, noting that Iraq prioritizes US companies in the energy, communications, technology, and development sectors. Al-Zaidi will make an official visit to Washington, DC, in mid-July following a White House invitation from US President Donald Trump. “The visit represents the announcement of a new phase of partnership,” he said, adding that the United States is a strategic partner for the country's economic development. Al-Zaidi said the next phase of the partnership will focus on economic, investment, and development cooperation to transition from a military alliance to a sustainable economic bridge that serves both nations. The PM said he has directed the Ministries of Oil, Electricity, and Communications to prioritize US companies in the energy, communications, technology, and development sectors. “The Ministerial Council for the Economy has made key decisions regarding major oil projects,” he affirmed, granting international firms like Chevron, Halliburton, and HKN Energy opportunities in new fields and exploration blocks. Also, the communications sector is moving toward strategic cooperation with Starlink to strengthen Iraq’s digital infrastructure, he said. In Washington, al-Zaidi said Iraq will discuss the Energy and Development Fund project, to scale up production from 500,000 bpd up to two million bpd, potentially outside OPEC quota constraints. “The fund’s capital will be domiciled strictly in reputable US banking institutions and directly utilized to finance mega-projects in electricity and civil infrastructure,” he said. The Prime Minister stated that the fund's financing could reach approximately $400 billion over three decades, with gradual growth tied to project performance and the implementation speed of the involved companies. He affirmed that the US is a strategic partner in Iraq’s development and economic plans. Al-Zaidi noted that “as a result of regional crises, Iraqi oil exports have declined to limited levels, and we are working to restore full export capacity.” Also, Iraq is working to secure a fair share in oil production within OPEC, in line with the country’s capabilities, he said. The PM said Baghdad is working to establish a Development Fund backed by a contribution from the Central Bank of Iraq with public subscription open to all citizens. He said regional and international partnerships will finance the Fund’s projects according to market needs, thus stimulating the economy and creating jobs.
