Iraq and Kazakhstan to compensate for shortfall in oil production by almost 1 million bpd by end of year

Iraq and Kazakhstan, as part of the voluntary reduction in oil production, which some OPEC+ countries observe in the first half of the year, will compensate for the under-reduced volumes of almost 1 million barrels per day until the end of 2024, OPEC said in a statement.

OPEC specifies that overproduced volumes for the months of January, February and March 2024, totaled about 602 tb/d for Iraq and for 389 tb/d Kazakhstan.

"The plans shared by both countries below show in details that the entire over-produced volumes will be fully compensated for by end of this year," the organization said.