ASTANA – The Organization of Petroleum Exporting Countries (OPEC) Secretariat received compensation plans from Kazakhstan for its excess production in the first half of 2024, reported the organization’s press service on July 24. Iraq and Russia have also submitted similar plans.
Kazakhstan overproduced approximately 620,000 barrels daily, while Iraq’s excess reached 1.1 million barrels per day, and Russia’s stood at 480,000 barrels per day.
The Secretariat also provided a detailed table showing that these overproduced volumes will be fully compensated by September 2025.
At the 37th OPEC and non-OPEC Ministerial Meeting this June, OPEC+ countries agreed to extend their additional voluntary cuts by 2.2 million barrels per day.
