OPEC+ 'volunteers' must compensate 4.8 mln bpd of overproduction by July 2026, with cuts of 2.6 mln bpd by Kazakhstan, 0.3 mln bpd by Russia

MOSCOW. Sept 8 (Interfax) - OPEC+ countries which announced voluntary oil production cutbacks but exceeded the agreed quotas are to compensate 4.779 million barrels per day (bpd) of overproduction by July 2026, OPEC said in a statement.

According to the updated schedule, Kazakhstan should compensate 2.63 million bpd, over half of the total volume, with the compensation period extended to June 2026 inclusive. The main proportion of the production cutbacks should be made in the first half of 2026, including 100,000 bpd in January, 300,000 bpd in February, 450,000 bpd in March, 490,000 bpd in April, 550,000 bpd in May and 650,000 bpd in June. Until the end of 2025, Kazakhstan is to cut oil production by 10,000-35,000 bpd each month.

Iraq will have to make the second largest cuts, reducing oil production by 1.4 million bpd in total by the end of June 2026. Unlike Kazakhstan, Iraq will make the same cuts of 122,000-130,000 bpd each month.

Russia has agreed to compensate 311,000 bpd by the end of this year, making cuts of 85,000 bpd in both August and September, 70,000 bpd in October, 65,000 bpd in November and 6,000 bpd in December.

The UAE must compensate 309,000 bpd by the end of June 2026, Oman 70,000 bpd by March 2026 inclusive and Kuwait 59,000 bpd by the end of the current month.

Algeria and Saudi Arabia will be able to carry on producing at the level of set quotas, with no excess production recorded by them.