Iraq was 9th top crude oli exporter 88 Mt in 2008.
Oil provide 85% of government income. The oil reserves of Iraq are the third biggest in the world after Saudi Arabia and Iran. In 2009 Iraq government had the target to increase oil production from 2.5-million-barrel (400,000 m3) to 7-million-barrel-per-day (1,100,000 m3/d) in six years. In June 2009 oil production rights were sold for BP and China National Petroleum of Rumaila oil field for 20 years contract. Investments are estimated as $10–20 billion. Field reserves is 16.998 billion barrels (2.7025×109 m3). In October 2009 Rumaila’s capacity was 1.1 million barrels per day (170,000 m3/d). Iraq's total oil production was 2.4 Mbbl/d (380,000 m3/d).
Second auction took place in December 2009. Iraq sold rights for seven oil fields for 20 years time increasing oil production 4.7 million barrels per day (750,000 m3/d) in future. The production companies will receive from $1 to $5.5 per barrel produced: