Iraq and Kazakhstan's OPEC Compensation Plans Revealed

Iraq and Kazakhstan have submitted their updated compensation plans to the OPEC Secretariat, aiming to resolve their overproduction issues by September 2025. Iraq's overproduction was 1.4 million barrels per day, while Kazakhstan's was 699,000 barrels per day by July 2023.

The OPEC Secretariat announced on Thursday that it has received updated compensation plans from Iraq and Kazakhstan. Both nations intend to counterbalance their overproduction within the first seven months of this year by September 2025.

According to the statement, Iraq's overproduction from January to July amounted to 1.4 million barrels per day (bpd), while Kazakhstan's totaled 699,000 bpd. These compensatory actions are crucial for maintaining the balance within the OPEC framework.

OPEC closely monitors member countries' production levels to ensure collective adherence to agreed quotas, and these compensatory measures highlight the organization's commitment to market stability.

(With inputs from agencies.)