Kazakhstan, Russia, Iraq to present updated schedule of compensation for undercut production volumes by late June

ASTANA. June 3 (Interfax) - Kazakhstan, Russia and Iraq will submit an updated schedule of compensations for the production volumes overshot since January 2024 to the OPEC Secretariat by the end of June, the Kazakh Energy Ministry's press service said on Sunday.

Following the OPEC+ ministerial meeting, its participants backed a pledge made by Iraq, Russia and Kazakhstan to ensure full compliance with their commitments and resubmit an updated schedule of compensation for overfulfilled volumes to the OPEC Secretariat by the end of June 2024, the press service said.

As reported, eight OPEC+ countries, led by Russia and Saudi Arabia, which voluntarily cut oil production in addition to their quotas, will extend their 1.7 million bpd cuts, which began in May 2023 and are in effect in 2024, for the entire year 2025.

Furthermore, the 2.2 million bpd cuts in place in Q1 and Q2 2024 will be extended until the end of September 2024. These restrictions will then be removed on a monthly basis throughout the year, but may be suspended or lifted due to market conditions.

As reported, Iraq, Kazakhstan and Russia will present an updated schedule of compensation for the undercut production volumes since January 2024.