Iraq and Kazakhstan pledge to make up for OPEC quota overproduction before year end

OPEC is out with a statement after a workshop with Iraq and Kazakhstan.

The successful exchange aimed to share compensation plans for Iraq and Kazakhstan for their outstanding overproduced volumes for the months of January, February and March 2024, which totaled about 602 tb/d for Iraq and for 389 tb/d Kazakhstan. The plans shared by both countries below show in details that the entire over-produced volumes will be fully compensated for by end of this year. Moreover, any overproduction that may arise in the month of April 2024 for these countries will be accommodated in the respective compensation plans over the remaining months in 2024.

That’s a decent amount of oil if they follow through.

This article was written by Adam Button at www.forexlive.com.