Iraq is producing 3 million barrels of oil a day, and is targeting to raise its daily crude oil exports to 2.9 million barrels from 2.4 million barrels at present, the country's oil minister said Monday.

Speaking to reporters days before an Organization of Petroleum Exporting Countries policy meeting, Abdul Kareem Luaiby, who is also OPEC president, said the increased production is coming from southern oil fields which are being upgraded by some of the oil majors such as Royal Dutch Shell PLC (RDSA), BP PLC (BP), Exxon Mobil Corp. (XOM) and Eni SpA (E).

Baghdad signed in the last two years 11 megaprojects that Iraq hopes will raise output to at least 8 million barrels a day by 2020.

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