Luaibi said crude exports were expected to be at 2.5 million bpd in 2012, adding that he expected oil revenues to reach over $80 billion by the end of 2011.

He said Iraq had generated around $48 billion from oil exports since the start of this year.

OPEC member Iraq is pushing to ramp up its oil production after years of war and sanction battered the sector and has signed a series of deals with foreign oil firms.

Oil exports in July dipped to 2.164 million bpd from 2.275 million bpd in June as more crude was used to meet growing local demand for fuel because of hot weather.

Copyright Reuters, 2011