Iraq has raised its oil export capacity to more than 3 million barrels per day, Iraq's oil minister said, according to state media on Saturday. Iraq has been able to export 3 million bpd since the beginning of September, state media said. Oil Minister Basim Mohammed said the government plans to increase capacity to 5 million bpd after the completion of strategic pipelines and export outlets through the Strait of Hormuz, according to state media. Iraq's oil exports rose to around 2.34 million bpd in August, according to officials. Industry sources and shipping data had indicated that September shipments were set to climb, as big profits and Iranian approval for its tankers to pass through the Strait of Hormuz have encouraged buyers.
