Iraq, Russia and Kazakhstan have committed to submit to OPEC an updated compensation schedule for overproduction of oil until the end of June, the press service of the Ministry of Energy of Kazakhstan announced after the ministerial meeting of OPEC+.
„The participants of the meeting supported the pledges of Iraq, Russia and Kazakhstan to ensure full compliance and to resubmit to the OPEC secretariat an updated compensation schedule for overfilled volumes from the end of June 2024”, the statement
says
OPEC+ countries that announced further voluntary cuts in April 2023 and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, held an in-person meeting in Riyadh within the framework of the 37th Ministerial Meeting of OPEC and Non-OPEC Countries (ONOMM).
"The meeting was held to strengthen the precautionary measures of the OPEC+ countries aimed at maintaining the stability and balance of the oil markets. The parties decided, in addition to the recent decisions of the 37th UNOMM, to extend the additional voluntary cuts of 1.65 million barrels per day announced in April 2023 until the end of December 2025, the press service explained.< /span>
In addition, these countries will extend their additional voluntary cuts of 2.2 million barrels per day, announced in November 2023, until the end of September 2024. “And then the reduction of 2.2 million bpd will be removed on a monthly basis until the end of September 2025 to maintain market stability. This monthly increase may be suspended or canceled depending on market conditions,” the ministry said.