Iraq has now become the second largest producer of crude oil in the world. It has outpaced Iran to become the second biggest crude producer in OPEC. Iraqi Deputy Prime Minister incharge of Energy Affair Hussain Al Shahristani told that its oil production reached 3.2 million barrel per day which is much higher than Iran, UAE and Kuwait. The crude output estimate of 3.2 million barrels per day by Iraqi government is almost along the lines of OPEC estimates. The OPEC market report for August says Iraq produced its highest level of crude in more than 20 years in July. Its output in July was 3.079 million barrels per day which is an increase by 400000 bpd since end of 2011. Iraqi Oil Minister said that the country plans to boost production this year to 3.4 million b.p.d. and exports to 2.6 million barrel per day Iraq has one of the world's largest deposit with about 145 billion barrels of oil and 3.2 trillion cubic metres of gas. In comparison, Iran's output declined by 700000 b.p.d. to 2.817 million b.p.d. which is the lowest level for the current world number two producer since 1992. However, the experts say the re-arrangement of OPEC's leading producers is unlikely to affect the market.