Iraqi oil production has risen to 2.5 million barrels per day, its highest level since Saddam Hussein was removed from power.
Iraq's new oil minister Hussain al-Shahristani expects production to rise to 2.7 million bpd by the end of the year.
Before the war, Iraqi output was around 3 million bpd and has never exceeded 3.5 million bpd.
Mr Shahristani has big goals for Iraq's oil production saying that Iraq hopes to challenge Saudi Arabia's position as the world's leading oil producer. The oil minister said he expects output to rise to approximately 4m barrels per day by 2010, increasing to 6m bpd by 2012.
Reuters credits the increased Iraqi production with decreasing the price of oil to under $71.
According to Reuters, al-Shahristani's bold targets should be treated with caution. That might be sound advice, but the increased production that has been achieved should still be celebrated for the good news that it is.