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Iraq and Kazakhstan Both Submit Overproduction Compensation Plans

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OPEC+ overproducers Iraq and Kazakhstan have now both submitted plans on how to deliver pledged production cuts.

  • The JMMC meeting earlier this month declared that overproducers were forced to agree to submit detailed compensation plans by April 30.
  • Kazakhstan already confirmed plans last week and will make every effort to comply with its obligations to compensate for overproduction according to the Energy Ministry.
  • “Kazakhstan prepared a detailed compensation plan, according to which it will gradually compensate for the first-quarter overproduction during 2024.”
  • Iraq has also now submitted its proposal according to Bloomberg citing an official.
  • Iraq’s 3.3mb/d oil export cap "may continue to the end of 2024 to [help] compensate overproduction” according to Argus communications with the oil ministry. The 3.3mb/d export cap represents a 100kb/d cut compared to the Q1 average.
  • Iraq produced 194kb/d above its quota in March and Kazakhstan overshot by 131k b/d in Q1.
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OPEC+ overproducers Iraq and Kazakhstan have now both submitted plans on how to deliver pledged production cuts.

  • The JMMC meeting earlier this month declared that overproducers were forced to agree to submit detailed compensation plans by April 30.
  • Kazakhstan already confirmed plans last week and will make every effort to comply with its obligations to compensate for overproduction according to the Energy Ministry.
  • “Kazakhstan prepared a detailed compensation plan, according to which it will gradually compensate for the first-quarter overproduction during 2024.”
  • Iraq has also now submitted its proposal according to Bloomberg citing an official.
  • Iraq’s 3.3mb/d oil export cap "may continue to the end of 2024 to [help] compensate overproduction” according to Argus communications with the oil ministry. The 3.3mb/d export cap represents a 100kb/d cut compared to the Q1 average.
  • Iraq produced 194kb/d above its quota in March and Kazakhstan overshot by 131k b/d in Q1.