The Iraqi cabinet approved a plan to increase the county’s oil production capacity to 6.5 million barrels per day (mb/d) by 2022, Reuters reported.

Iraq’s oil capacity in January was close to 5 mb/d. The nation is OPEC’s second largest producer behind Saudi Arabia, according to Iraqi Oil Minister Jabar Al-Luaibi.

In accordance with the OPEC non-OPEC agreement spearheaded by Russia and agreed in early 2017 to cut supply and boost prices, Iraq is currently producing 4.4 mb/d.

The country has set the date for bidding to develop 11 Iraqi oil and gas fields as of April 15, some 16 companies, including Exxon, Chevron, and Total have expressed interest, Luaibi recently stated.

On March 26, Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering a deal to extend their current coalition in stabalizing oil prices to a “10-to-20 year agreement.”