Mubasher: Iraqi Oil Minister Jabar al-Luaibi on Monday said that the country would ramp up crude production to more than 7.5 million barrels per day (bpd) by 2023 and 2024, noting that oil prices would approach a stable level.

The raise would include 6 million bpd for crude exports and 1.5 million bpd for local consumption, Al Sabah state newspaper reported, quoting Luaibi.

The Oil Minister would resume partially operations at Iraq’s largest refinery of Baiji, with a capacity of 70,000 bpd, Luiabi said. Baiji was recaptured from Islamic State militants in 2015, but the area was heavily damaged.

The refinery’s maintenance and repair costs reached around $500 million, he added.

Iraq’s refining capacity now reached about 670,000 bpd, while domestic consumption stood at 1.2 million bpd, the oil minister said, adding that the country plugged this gap “by importing fuel which costs us over $2 billion a year.”

By 2:09 pm GMT, US Nymex crude futures climbed 1.39% to 69.44 per barrel (pb), as global benchmark Brent futures rose 1.07% to 73.99 pb.