OPEC+ oil production plan in February to edge 13,000 bpd to 35.44 mln bpd

MOSCOW. Feb 3 (Interfax) - OPEC+ countries' production plan, including quotas, voluntary cuts and compensation for insufficiently reduced output, will edge up by 13,000 barrels per day from January to 35.44 million bpd in February, Interfax calculations showed.

In addition to the quotas for all participating countries, eight OPEC+ countries have been voluntarily reducing production since 2023, in two stages. One of the cuts, by 2.2 million bpd, was supposed to be phased out gradually starting last October 1, but these plans have been repeatedly postponed. Now the alliance intends to start gradually increasing production on April 1.

There is a compensation schedule for countries that exceeded their agreed production levels in 2024 - Iraq, Kazakhstan and Russia.

Iraq is supposed reduce oil production by 120,000 bpd in February, the same as in January, while Kazakhstan is supposed to reduce the level of compensation by 13,000 bpd to 52,000 bpd.

The quota for Russia will remain unchanged at 8.978 million bpd in February.