Iraq's Oil Production Ambitions Face Stiff Hurdles

Iraq's ambitious plan to increase crude oil production to 10 million barrels per day (bpd) by 2030 faces significant challenges, according to prominent economic analyst Dr. Nabil Al-Marsoumi.

The country currently produces around 4.431 million bpd and needs to mobilize roughly $75 billion in capital investment to reach its target, averaging $15 billion per 1 million bpd of added capacity.

However, a sustainable capacity ceiling assessment by DeGolyer and MacNaughton projects Iraq's maximum capacity at 5.0-5.5 million bpd, indicating a 4.5-million-bpd deficit below the 2030 target.