ERBIL, Kurdistan Region of Iraq – Iraqi Prime Minister Ali al-Zaidi on Sunday called for increased oil revenues and production, announcing that “significant measures” would be implemented soon and ordering an investigation into corruption at the oil ministry.

The premier’s remarks followed a meeting with senior energy officials at the ministry’s headquarters in Baghdad.

Zaidi “stressed the necessity of increasing oil revenues, noting that the government will implement a series of significant measures in this regard, especially given that Iraq is among the nations affected by the events currently unfolding in the region,” his office said in a statement.

Iraq has been facing a worsening financial crisis since the start of the US-Israeli war with Iran, with the closure of the Strait of Hormuz massively cutting off Iraq’s main source of income: oil exports.

The current vulnerability of the global oil market has pressured the Iraqi government to seek long-term alternative sources of income, with Zaidi’s financial advisor revealing plans to increase non-oil revenues to about 45 percent of total public revenues over the next 10 years, up from less than 10 percent currently.

Zaidi also ordered the Federal Integrity Commission to investigate corruption allegations at the oil ministry, according to the statement.

In June, Baghdad launched a sweeping anti-corruption campaign headed by Zaidi, arresting scores of senior officials and lawmakers over alleged corruption links.

Since taking office in May, Zaidi has repeatedly emphasized the need for Baghdad to increase oil production to match Iraq’s reserves.

In mid-September, Zaidi oversaw the signing of a 25-year contract with Kar Electrical Power Production Trading (KEPPT), aimed at raising production at the Ajil oil field in Salahaddin province.

Earlier in September, the premier also instructed relevant authorities to increase production in the Kurdistan Region’s oil fields, as the Iraqi government aims to reach a production level of 10 million barrels per day by 2030.

In March, Iraq’s oil ministry announced plans to increase oil production from four million to six million barrels per day between 2028 and 2029.