Shafaq News/ The Iraqi government will acquire Exxon Mobil Corp's stake in the giant West Qurna 1 oilfield, Oil Minister Ihsan Abdul-Jabbar Ismail said on Sunday.

"Iraq will buy the largest share of the US company's stakes..a company operating in the oilfield will buy the rest," the Minister told Shafaq News Agency reporter.

West Qurna 1, in southern Iraq, is one of the world's largest oilfields with recoverable reserves estimated at more than 20 billion barrels.

It had a production capacity close to 500,000 barrels per day in 2021, according to Iraqi officials.

Since last year, Exxon was seeking to sell its 32.7% stake in the field for $350 million.

Foreign interest in developing fields in southern Iraq has fallen as Iraq along with other top producers curbs output to support prices and as a result of tension between the United States and Iran, which has close ties to Iraqi Shiite armed groups.

On OPEC+ oil quota, Ismail said, "we are 100% committed to our quota. In June, our ceiling will be 3,800,000 barrels per day (bpd) of crude oil."

"In July it will Slightly rise to 3,850,000 bpd including the Kurdistan region," he added.

The Minister said that Baghdad aims to reach peak production of eight million barrels daily by the end of 2027.