Iraq and Kazakhstan compensate for 1M bpd over-production by Q4 2024 under OPEC+ agreement.
Iraq and Kazakhstan, as part of the OPEC+ agreement, are compensating for their over-produced oil of nearly 1 million barrels per day by end-2024. Due to overproduction in Q1 2024, both countries will have to make additional cuts in production. Their specific compensation plans have been submitted to the OPEC Secretariat and will be implemented from May to December 2024, with any overproduction in April also being accommodated.
May 03, 2024
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