The Iraqi oil ministry aims to increase the country’s oil production capacity and further support foreign oil companies to overcome bureaucratic hurdles, the new oil minister Thamer Ghadhban said on October 31, according to Reuters.

Ghadhban, who recently took over from Jabar al-Luaibi, said that he sees the current crude oil price as “fair” and that Iraq would act responsibly in providing ample supplies to the market.

“[The price is] not too high, it’s not 100 dollars per barrel and it’s not 30 dollars,” he said.

The country is looking to increase its crude output capacity to 7 million barrels per day (b/d) up from 5 million b/d currently.