Russia Complies as Iraq, Kazakhstan Breach OPEC Quotas
In January, Iraq exceeded the Organisation of Petroleum Exporting Countires (OPEC) and allies members countries (OPEC+) oil production limit, taking into account voluntary reductions and a plan to compensate for overproduction by 119,000 barrels per day.
Kazakhstan exceeded it by 135,000 per day, while Russia complied with the restrictions, according to the February OPEC report based on secondary sources published on Wednesday.
According to the latest published plans, Iraq was supposed to produce 3.88 million barrels per day last month, but, as indicated in the OPEC materials, its actual production was 3.999 million barrels.
Kazakhstan’s target level was 1.403 million barrels per day, but the actual production turned out to be 1.538 million. Russia produced 8.977 million barrels per day with a plan of 8.978 million barrels. In January, it complied only with quotas and voluntary reductions in oil production.
The Russian overproduction compensation has also planned not apply for December-February. Last year, Russia, Iraq and Kazakhstan faced exceeding production limits and promised to compensate for overproduction by the end of September 2025.
Following the meeting in December, it was announced that the countries with over-production of oil will update plans to take into account overproduction throughout 2024. The schedules would be extended until the end of June 2026, but they have not been made public yet.
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