MOSCOW, December 12. /TASS/. OPEC+ countries boosted oil production by 80,000 barrels per day (bpd) in November 2024, which was 680,000 bpd higher than the target considering voluntary adjustments and compensations though, the International Energy Agency (IEA) said in its December report.
The targeted level of production by OPEC+ countries under the agreement considering voluntary adjustments and compensations by Iraq, Kazakhstan and Russia totaled 33.72 mln barrels per day (mbd), while real production reached 34.4 mbd, which brings excess to around 680,000 bpd.
Among the countries whose production exceeded the target most of all in November were the UAE (by 330,000 bpd), Iraq (by 300,000 bpd) and Russia (by 270,000 bpd), according to the agency.
Eight OPEC+ nations, including Russia and Saudi Arabia, have voluntarily chosen to reduce oil production by a total of 2.2 mln barrels per day for balancing the market since early 2024. These countries planned to start ramping up output gradually starting in October 2024. However, first this increase was postponed until December, later until the end of 2024, while at the ministerial meeting of the OPEC+ alliance it was postponed until the end of March 2025.
Moreover, those OPEC+ countries voluntarily reduce output by another 1.65 mbd from last spring to the end of 2026.
Meanwhile three countries that did not sufficiently fulfill their voluntary output reduction commitments, including Russia, Iraq and Kazakhstan, are to compensate for overproduction of oil by the end of June 2026.