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OPEC+ countries 0.5 mln bpd behind March oil output plan — IEA

The most behind schedule countries among those that have announced new oil output cuts from January 2024 include Iraq, the UAE, and Kazakhstan

MOSCOW, April 12. /TASS/. Countries participating in the OPEC+ agreement in March 2024 increased oil production by 50,000 barrels per day (bpd) to 34.82 mln bpd, but at the same time exceeded the production plan, taking into account voluntary cuts, by 500,000 bpd, according to the April report of the International Energy Agency (IEA).

The target level of production by OPEC+ countries under the deal, taking into account voluntary cuts, reached 34.32 mln bpd as of March, while actual production reached 34.82 mln bpd. Thus, the plan was exceeded by 500,000 bpd.

The most behind schedule countries among those that have announced new oil output cuts from January 2024 include Iraq (260,000 bpd over the agreement), the UAE (310,000 bpd over), and Kazakhstan (160,000 over).

The IEA noted that Iraq and Kazakhstan maintain output surpassing their commitments, despite statements about compensating for overproduction. At the same time, the UAE had largest overproduction volume, the IEA said. However, the country has not announced any intention to compensate for the overproduction.

In March, Russia increased production slightly compared to February - by 20,000 bpd to 9.42 mln bpd, but at the same time it produced below its quota by 30,000 bpd. Saudi Arabia also increased production slightly - by 30,000 bpd to 9.02 mln bpd, exceeding its quota by 40,000 bpd.

Starting in the Q1 of 2024, several alliance countries, including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 2.2 mln bpd to balance the market. Initially, the measure was to apply only to the Q1, but in early March, the alliance countries extended its effect to the Q2.

In addition, a number of OPEC+ countries, including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 1.66 mln bpd from spring 2023 to the end of 2024.