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Iraq, Kazakhstan Announce OPEC Compensation Cuts for Oil Overproduction

May 3, 2024, 01:56 PM

Iraq and Kazakhstan have outlined their plans to OPEC for making compensation cuts in oil production this year. Iraq has committed to reducing its output by 602,000 barrels per day (B/D), while Kazakhstan will cut 389,000 B/D. These measures are in response to their previous overproduction relative to OPEC quotas. The overall OPEC oil production has remained steady, despite these compensatory adjustments. This initiative is part of a broader effort to stabilize global oil markets and adhere to agreed production limits.