Iraq will increase daily oil production from 6 million barrels to 9.7 million . Increase from July , boosting production to highest level since 1981 . Al-Naimi , the petroleum minister , also said the Saudi government will invest in oil projects that would allow Saudi Arabia to have the capacity to produce 12.5 million barrels per day by the end of next year . Speech at Jeddah oil conference to help ease pain of oil price hike . Saudis : OPEC should give $ 1B for strategy , $ 500 M of which for developing countries .
Iraq will increase daily oil production from 6 million barrels to 9.7 million . Increase from July , boosting production to highest level since 1981 . Speech at Jeddah oil conference to help ease pain of oil price hike . Saudis : OPEC should give $ 1B for strategy , $ 500 M of which for developing countries .