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Iraq, Kazakhstan to compensate for excess oil output of 164,000 bpd under OPEC+ deal

Russia will not reduce production further in December, according to the schedule

© Yegor Aleyev/TASS

MOSCOW, December 1. /TASS/. Iraq and Kazakhstan are expected to continue to compensate for excess oil production in December under the OPEC+ agreements and reduce production by a total of 164,000 barrels per day (bpd).

According to the latest open data, Iraq must compensate for production of 110,000 bpd in December, Kazakhstan - 54,000 bpd. Russia, which is also obliged to compensate for excess oil production under the OPEC+ deal, will not reduce production further in December, according to the schedule. In October, Russia was supposed to compensate for 10,000 bpd of production, and in November - 30,000 bpd. Thus, in December, Russia should return to the production level of 8.978 mln bpd (according to the OPEC+ quota, taking into account all voluntary reductions).

At the same time, Iraq, Kazakhstan, and Russia stated that they had submitted updated schedules to the OPEC Secretariat for the compensation of excess oil production, but new plans have not yet been published. According to the latest published schedule, Iraq is expected to compensate for excess production of 1.44 mln bpd of oil by September, Kazakhstan - 699,000 bpd and Russia - 480,000 bpd.

Overall, OPEC+ production is expected to decline by only 2,000 bpd in December - from 35.45 mln bpd in November to 35.448 mln bpd. The slight decline is due to a change in the production compensation plan for December.

Eight OPEC+ countries, including Russia and Saudi Arabia, are voluntarily cutting oil production by 2.2 mln bpd starting in the Q1 2024. These countries had planned to gradually restore production from October 2024, but the increase has been delayed until the end of 2024.

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Iraq Kazakhstan OPEC

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