Iraq, Kazakhstan present plans for OPEC oil production quota compensation

Shafaq News / Iraq and Kazakhstan have presented their plans to compensate for exceeding their allocated oil production quotas within the OPEC agreement.

They pledged to make up for the entire production difference of 991,000 bpd by the end of 2024.

The OPEC Secretariat organized a highly productive technical workshop via video conference, involving technical experts from Iraq and Kazakhstan, along with industry experts from secondary sources providing data on the production of participating countries in the cooperation agreement, according to an OPEC report.

OPEC clarified that the process aims to share Iraq and Kazakhstan's plans to compensate for excess production volumes suspended for the months of January, February, and March 2024, totaling about 602,000 bpd for Iraq and 389,000 bpd for Kazakhstan.

OPEC revealed that under the joint plans of both countries, "full compensation for the excess quantities beyond the requirement will be made by the end of this year. Any surplus in production that may arise in April 2024 will also be accommodated in the compensation plans during the remaining months of 2024."