MOSCOW, March 13. /TASS/. OPEC+ countries participating in the agreement to reduce oil output increased production in February 2025 by about 300,000 barrels per day (bpd) in comparison with the previous month and exceeded the plan taking into account voluntary restrictions and compensations by 890,000 bpd, according to the March report by the International Energy Agency (IEA).
According to the IEA, the target production level of OPEC+ countries under the deal, taking into account voluntary reductions and compensation from Iraq, Kazakhstan and Russia, was 33.86 million bpd, while actual production was 34.75 million bpd. That means that the volume of excess of the plan was about 890,000 bpd.
The largest overproduction was provided by Iraq (0.3 mln bpd more than the quota), the UAE (0.37 mln bpd), Kazakhstan (0.31 mln bpd), and Russia (0.15 mln bpd).
Nigeria (60,000 bpd), Azerbaijan (80,000 bpd), and Congo (40,000 bpd) produced less than the quota in February. Eight OPEC+ countries, including Russia and Saudi Arabia, have voluntarily reduced oil production by a total of 2.2 mln bpd since the beginning of 2024 to balance the market. These countries planned to gradually lift restrictions and restore production from October 2024.
However, the increase in production was initially postponed until December, then until the end of 2024, and at the OPEC+ ministerial meeting on December 5, the increase in production was postponed until the end of March 2025. In addition, the same OPEC+ countries will voluntarily reduce production by another 1.65 mln bpd from spring 2023 until the end of 2026. Three countries that have not fully complied with their obligations to voluntarily reduce oil production - Russia, Iraq and Kazakhstan - must compensate for the overproduction of oil by the end of June 2026.