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OPEC+ Overproducers Vow Commitment to Group

OIL

Iraq is planning to review reports on missing its OPEC output target last month and will compensate any excess oil output over the next four months, the Iraqi oil ministry said in a statement, joining earlier reports by the Kazakh energy ministry.

  • The Iraqi oil ministry added it is committed to the output levels agreed in June last year.
  • According to the Iraqi oil ministry, January crude oil output was in line with its OPEC quota at 4mbpd.
  • The latest OPEC Monthly Oil Market Report put Iraq’s crude oil output at 4.194mbpd last month, above its quota, according to secondary sources.
  • Kazakhstan also said it will compensate for its overproduction in January over the next four months, as part of its OPEC+ obligations, according to the Ministry of Energy of the Republic.
  • Kazakhstan’s crude and condensate output was 7.8m mt in January, according to the official figures released by the Ministry of Energy, equal to 1.93mbpd. The country’s OPEC+ quota is set at 1.468mbpd for 1Q2024.
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