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OPEC+ overproducing states to provide updated compensation plans by end-February — OPEC

Russia, Iraq and Kazakhstan are on the list of countries that produced more than agreed on within the OPEC+ deal in certain periods in 2024

MOSCOW, February 3. /TASS/. OPEC+ states that insufficiently reduced production volumes within the alliance’s agreements, will resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes before the end of February 2025, according to information released on the website of OPEC.

Russia, Iraq and Kazakhstan are on the list of countries that produced more than agreed on within the OPEC+ deal in certain periods in 2024.

Moreover, "after thorough analysis" OPEC states decided to replace Rystad Energy and the US Energy Information Administration (EIA) with Kpler, OilX, and ESAI, as part of the secondary sources used to assess the crude oil production by participating countries, the cartel said.

The OPEC+ Ministerial Monitoring Committee welcomed the improved conformity of Kazakhstan and Iraq, including the additional voluntary production adjustments. It also emphasized the critical importance of achieving full conformity and compensation, and reaffirmed that they will continue to monitor adherence to the production adjustments agreed upon at the OPEC+ meeting on December 5, 2024.