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OIL: Iraq, Kazakhstan Submit Updated Compensation Plans to OPEC

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OPEC has received updated compensation plans from Iraq and Kazakhstan for their overproduction in the first seven months of this year, OPEC said. 

  • Both countries plan to compensate for the overproduction by September 2025.  
  • Iraq plans to reduce output by 90kbpd in August, by 95kbpd in September and October, by 100kbpd in November and by 110kbpd in December this year. (see chart for the 2025 compensation plan). 
  • Kazakhstan plans to reduce output by 49kbpd in August, by 28kbpd in September, by 265kbpd in October, by 32kbpd in November and by 54kbpd in December. (see chart for the 2025 compensation plan).
  • OPEC+ supply was up 117k b/d on the month in July at 40.907m b/d, according to secondary sources. Iraqi production was up 57k b/d to 4.215m b/d, compared to their pledged output of 4m b/d.
     
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OPEC has received updated compensation plans from Iraq and Kazakhstan for their overproduction in the first seven months of this year, OPEC said. 

  • Both countries plan to compensate for the overproduction by September 2025.  
  • Iraq plans to reduce output by 90kbpd in August, by 95kbpd in September and October, by 100kbpd in November and by 110kbpd in December this year. (see chart for the 2025 compensation plan). 
  • Kazakhstan plans to reduce output by 49kbpd in August, by 28kbpd in September, by 265kbpd in October, by 32kbpd in November and by 54kbpd in December. (see chart for the 2025 compensation plan).
  • OPEC+ supply was up 117k b/d on the month in July at 40.907m b/d, according to secondary sources. Iraqi production was up 57k b/d to 4.215m b/d, compared to their pledged output of 4m b/d.