OPEC reports on production adjustments by Russia and Iraq

The Organization of the Petroleum Exporting Countries (OPEC) announced Thursday that both Russia and Iraq, the OPEC+ alliance's biggest overproducers, increased their oil production from January to June of this year.

OPEC's data showed that Russia plans to reduce its oil production by 40,000 barrels per day (bpd) from October to November 2024. Additionally, Russia will cut 440,000 barrels per day from March to September next year to address the production surplus.

For Iraq, OPEC confirmed that the country has submitted a plan to address its production surplus from the first half of this year. According to the plan, Iraq aims to compensate for this surplus by September 2025. The excess production in Iraq between January and June was approximately 1.184 million barrels per day.

OPEC has also received plans from Kazakhstan to address its production surplus.

Since late 2022, OPEC and its allies, including Russia, under the "OPEC+" agreement, have enacted a series of significant production cuts to stabilize the oil market.