Russia, Iraq And Kazakhstan To Compensate Overproduction in The Next 15 Months

Russia, Iraq, and Kazakhstan have submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d, and Kazakhstan 620 kb/d. Last month, OPEC+ announced that it would extend a cut of 1.65 million barrels per day, announced in April 2023, until the end of 2025. The cut was due to expire…