OPEC+ Releases Compensation Plan for Overproduction by Iraq, Russia, and Kazakhstan, Iraq Overproduced by 1.184 Million BPD

Jul 24, 2024, 01:15 PM

OPEC+ has released a new compensation plan aimed at addressing overproduction by member countries, including Iraq, Russia, and Kazakhstan. According to an OPEC statement, Iraq overproduced by approximately 1.184 million barrels per day (bpd) in the first six months of 2024. The compensation plan has been submitted to the OPEC Secretariat, but there are concerns about whether the cuts will actually be implemented. The plan includes a detailed schedule for the compensation cuts, which has been long awaited by the market.