OPEC+ production 70,000 bpd below target in April, Kazakhstan exceeds quota by 410,000 bpd, Iraq by 70,000 bpd, Russia slightly below

MOSCOW. May 14 (Interfax) - OPEC+ countries participating in the agreement reduced oil production in April by 26,000 barrels per day compared to March, down to 35.462 million bpd, according to OPEC's monthly report.

This was 66,000 bpd below the planned production level, taking into account compensation for previously undercut volumes, according to the schedule presented in mid-April.

At the same time, Kazakhstan, which had pledged to reduce production in April to the agreed level, exceeded it by 413,000 bpd, although it did reduce output by 41,000 bpd compared to March - down to 1.823 million bpd.

Iraq, which has also been consistently undercutting its reductions, was 72,000 bpd above the agreed level. Its production stood at 3.964 million bpd, down 5,000 bpd compared to March.

Russia produced 8.981 million bpd in April, 17,000 bpd below the planned level and an increase of 12,000 bpd compared to March.

Overall, OPEC countries participating in the agreement produced 21.256 million bpd in April, which is 18,000 bpd more than in March and 64,000 bpd more than envisaged under the deal.

Non-OPEC members participating in the OPEC+ agreement reduced production in April by 45,000 bpd compared to March to 14.2 million bpd and were 130,000 bpd below plan. Azerbaijan (-83,000 bpd), Mexico (-304,000 bpd) and Malaysia (-58,000 bpd) lagged the most.

Iran, Venezuela and Libya, which are not participating in the agreement, reduced production in April - by 30,000, 34,000 and 14,000 bpd, respectively.