Iraq is on track to produce nearly six million barrels of crude daily by 2030, the International Energy Agency (IEA) said Thursday (April 25th), which would make it the world's third biggest oil supplier, AFP reported.

The IEA's wide-ranging report found that Iraq's production in the next decade could increase by an impressive 1.3 million barrels per day to a total of 5.9 million bpd.

"Iraq is and will remain one of the key pillars of the oil market in the years to come," IEA head Fatih Birol said Thursday.

The optimism stemmed from Iraq's 50% increase in oil production since 2012, Birol said, despite several years of low prices and the devastating rampage of the "Islamic State of Iraq and Syria" (ISIS) across a third of the country.

"It shows the resilience of the Iraqi oil industry," said the IEA's executive director.

The agency acknowledged a range of potential roadblocks to its outlook, including global market conditions, foreign investment in Iraq, political stability and a steady supply of the water needed to actually produce oil.

Iraq is currently the fifth-largest oil producer worldwide, and the second-largest from among the Organisation of the Petroleum Exporting Countries (OPEC).

Iraq has the capacity to produce 4.6 million bpd, but last month exported just under 3.4 million bpd after agreeing to trim its oil production alongside others so prices would go up.