OPEC announces it will absorb the increase in Iraq's oil production

, which is expected to raise its production and export , as well as both Iran and Libya.

Iraq has recently announced that it is seeking to increase its oil production to more than four million barrels per day in 2014 , while Minister of Oil , Abdul Karim al-Laeebe announced establishing plans that could raise its oil exports to 3.4 million barrels per day , including 400 thousand barrels from fields of Kurdistan Region .

Badri said during an oil conference held in London , briefed “Shafaq News " that , "If the other members of OPEC cut production to make room for increased supply from Iraq , Iran and Libya , then we will absorb it when it comes ," persisting " We faced a lot of problems in the past we have been able to overcome them and will overcome this also . "

He added , "The OPEC members know their shares of the total production ceiling of the organization which is 30 million barrels per day ."

OPEC output has declined over the past year due to strikes and protests in Libya , violence and bad weather in Iraq ; addition to sanctions against Iran.

Saudi Arabia the largest producer in the Organization along with the United Arab Emirates and Kuwait have increased supplies to make up the shortfall caused by the disruption of production in Libya and elsewhere.

A survey for Reuters news agency this month showed that OPEC production fell in December to its lowest level since May 2011 to about 29.53 million barrels a day from 29.64 million bpd in November .

Analysts said that the solution to these problems may add to the production of the organization , two million barrels per day of oil , at least from Iraq and other countries , which could push crude prices to decline if another country did not reduce production.