ERBIL, Kurdistan Region of Iraq – Iraqi Prime Minister Ali al-Zaidi said on Thursday that Baghdad has adopted an “open door” policy in dealing with foreign companies, reiterating his commitment to increasing crude oil production to 10 million barrels per day.

In a meeting with representatives of several foreign companies, the premier emphasized that “the government has adopted an ‘open door’ policy in its engagement with foreign companies, aiming to overcome obstacles and bureaucratic hurdles as it pursues its strategic objectives—despite the various difficulties and challenges involved,” according to a statement by Zaidi’s office.

He highlighted “the government’s goal of increasing oil production to 10 million barrels per day,” adding that improving the oil sector would have a “direct, positive impact on the lives of citizens.”

“Partnerships with American and multinational corporations yield significant positive outcomes,” Zaidi stressed, noting that the US and American companies are “committed to strengthening economic partnerships with Iraq.”

Zaidi also met with the Middle East representative for the American oil company ExxonMobil, Mohammed Alamin, on Thursday, which was attended by Deputy Prime Minister of Energy Affairs Muhsin al-Mandalawi and Iraqi Oil Minister Basim Mohammed Khudair.

The premier has repeatedly stressed his desire to attract foreign investment in Iraq, saying in a June interview that he had directed Iraq's oil, electricity, and communications ministries “to give priority” to American companies seeking to invest in their respective fields.

The two sides discussed cooperation between Baghdad and the company, “in line with the government’s economic and energy program objectives aimed at increasing Iraq’s crude oil production,” the premier’s office reported.

Zaidi noted that the government is putting forward plans to expand the country’s oil sector, including exports, production, and refinement, and expressed openness towards “productive partnerships” and foreign investment.

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.

Iraq’s oil exports and production saw a sharp plunge during the regional conflict. Iraq exported only 18.6 million barrels of crude oil in March, compared to 99.8 million barrels in February, resulting in nearly $4 billion in lost revenue.