Oil & gas

Iraq's daily oil production reached a record 4 million barrels in December 2014 and the country is planning to increase its share of the global oil market, said Iraqi Oil Minister Adel Abdul Mahdi. The decision is likely to push oil prices even lower.

"This figure was reached for the first time in history," he said on Sunday. "The increase in oil production will help offset the decline in oil prices.”

"We have agreed to keep the level of exports at 375,000 barrels per day (bpd) for the first three months of the year, and as of April, we will increase exports to 600,000 bpd," Abdul Mahdi said.

Iraq increased oil production after a deal was reached between Baghdad and autonomous Kurdistan in December after years of differences over oil rights.

Iraq and Kurdistan agreed to ship 300,000 barrels of oil per day from Kirkuk and 250,000 barrels from Kurdistan via the Kurds’ pipeline network.

 Record Iraqi oil output adds more downward pressure on prices