Iraq 's crude oil output Monday hit 2.9 million barrels a day, the highest level achieved since the U.S.-led war against Iraq in 2003, the country's oil minister said in a statement.

"Crude oil production level has reached more than 2.9 million barrels a day," Abdul Kareem Luaiby said in a statement emailed to Dow Jones Newswires.

Luaiby said he expects output to reach some 3 million barrels a day by the end of this year.

Iraq has been producing around 2.7 million barrels a day since the beginning of this year.

The minister also said that his country is targeting some 2.5 million barrels a day of crude oil exports in 2012. Iraq said Monday that it exported some 2.101 million barrels a day in September.

Iraq 's average crude oil exports for the first nine months of this year stood at 2.18 million barrels a day, some 15% increase over the rate in 2010 which was around 1.8 million barrels a day.

The country is expected to add some 900,000 barrels a day in export capacity from southern oil terminals by the end of this year when a new floating buoy is opened. Iraq is currently exporting some 1.7 million barrels a day from its southern Persian Gulf terminals.

Iraq has signed some 11 oil field deals with international companies over the last two years. If things go as agreed with these firms, Iraq 's oil output should reach at least 8 million barrels a day in 2018.

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