Iraq’s plan to increase oil production by up to 400 thousand barrels per day in 2016 this year will proceed as planned, despite Iran’s return to the market, Iraqi Oil Minister Adel Abdul Mahdi said Jan. 21, Reuters reported. January’s exports are expected to reach record levels, he said, with annual output expected to surpass 4 million bpd. In Iraq, both Baghdad and the Kurdish government in Arbil are in serious financial trouble due to low oil prices .