Iraqi economist flags $75 billion funding gap in 10 million barrel oil target

BAGHDAD, Iraq — An Iraqi economist has warned that structural, financial and geopolitical obstacles stand in the way of Iraq's goal to raise crude oil production to 10 million barrels per day by 2030. Ali Marsumi said reaching the target would require developing new fields, modernizing existing infrastructure and improving contract terms offered to foreign investors. Marsumi estimated the plan would need roughly $75 billion in investment, a financing requirement he described as difficult to meet in the short term. Iraq also faces production limits as a member of the OPEC+ group, whose existing ceiling agreements directly affect Baghdad's long-term capacity expansion plans. Additional challenges include security risks, ongoing contract negotiations with international energy companies and technical infrastructure problems such as access to electricity and water resources, which the economist identified as further obstacles to the target. No further details on a funding plan or timeline for the project were immediately available.