Iraq to compensate for surpassing OPEC+ quotas
The logo of the OPEC at the OPEC headquarters. Photo: AFP
Baghdad (IraqiNews.com) – OPEC+ said in a statement on Friday that Iraq and Kazakhstan, two members of the coalition, agreed to compensate for excess oil production by further reducing their oil output until the end of 2024.
Iraq and Kazakhstan have shown hesitancy to fulfill their commitment to cut output, which they made to other members of the Organization of the Petroleum Exporting Countries (OPEC), including Russia.
In April, the two countries decided to submit plans on how they would achieve full compliance.
OPEC+ said following an online meeting on Friday that Iraq exceeded its quota by pumping 602,000 barrels per day in total in the first three months of 2024, while Kazakhstan exceeded its quota by pumping 389,000 barrels per day.
The plans shared by both countries show in detail that the entire overproduction will be fully compensated for by the end of this year, according to OPEC+.
OPEC+ added that any overproduction that may arise in April 2024 for Iraq and Kazakhstan will be accommodated in the respective compensation plans over the remaining months of 2024.