ABU DHABI, Oct. 23 (Xinhuanet) -- Iraq's oil production is expectedt o reach 3.5-4 million barrels per day (bpd) by 2009-2010, the Times of Oman reported Saturday.

    Sources from the International Monetary Fund (IMF) told the daily that Iraq's oil production has already recovered to its pre-war level in 2004 and was expected to reach 3.5 million bpd by 2009.

    With adequate investment and the use of modern technologies, crude oil production could reach over 5 million bpd in the long run, they said.

    Iraq has three large refineries. Baiji refinery was constructed in 1982, and Basra refinery was constructed in 1972 and its capacity was doubled in 1979, and Daura refinery was constructed in1955. There are also several small refineries in the war-torn country.

    All refineries suffered severe damage during the 1991 Gulf War, and all are very inefficient. Substantial investment will be required to upgrade existing refineries and expand total capacity before Iraq can meet again the domestic demand for refined oil products, the sources said.

    However, in the next few years, Iraq is expected to have to continue importing oil-refined products worth over 2 billion US dollars annually.

    Iraq has one of the largest estimated oil reserves in the world.Based on old geological surveys, reserves are estimated at some 100-130 billion barrels, accounting for 11 percent of the world's total, second only to Saudi Arabia.

    There is widespread belief in the industry that reserves could be even higher. Iraq's oil is of good quality and relatively inexpensive to produce, as many fields are large, onshore and have fairly simple geological structures, according to the IMF. Enditem