Xinhua News Agency | 23. 08. 2024
The Secretariat of the Organization of the Petroleum Exporting Countries (OPEC) announced on Thursday that it had received updated compensation plans from Iraq and Kazakhstan for their overproduction of oil during the first seven months of 2024.
OPEC said in a statement that Iraq overproduced by 1.44 million barrels per day (bpd) from January to July, while Kazakhstan exceeded its production by 699,000 bpd.
Under their updated plans, Iraq and Kazakhstan will begin offsetting their excess volumes as early as this month, and pledge to fully offset their overproduction by September 2025, with production cuts varying by month .
At its meeting in June, the OPEC+ group reiterated the importance of fully respecting the commitments and the compensation mechanism, and decided to extend ongoing production cuts until the third quarter of this year on the least.
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