BRUSSELS, April 16 (Reuters) - Iraq is ready for an energy pact with the European Union and is targeting an increase in its overall oil production by 2012, the European Commission said after talks with the country's oil minister on Wednesday.

"Iraq stands ready to sign at any time the draft energy memorandum of understanding that has been prepared together," the EU executive said after talks between Energy Commissioner Andris Piebalgs and Iraqi Oil and Energy Minister Hussain al-Shahristani.

"On oil, Iraq will increase its production from the actual 2.5 million barrels per day and should reach 3 million by the end of 2008. The target is for 4.5 million by approximately 2012. ... Read full article