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Iraq/Kazakhstan Signal Commitment to OPEC Quotas

OIL

Iraq's oil ministry said on Wednesday it is fully committed to compensating for any overproduction in 2024, referencing estimates by secondary sources of overproduction of 203,000 barrels for the month of May.

  • It said it will meet its 4mn bpd production level in June and subsequent months.
  • Earlier reports for other main overproducer OPEC: Kazakhstan was 45,000 bpd over its OPEC+ quota in May which it will compensate for in June according to the energy ministry.
  • The ministry added that all of Kazakhstan’s overproduction this year would be compensated for by September 2025.

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