OPEC Member Nations Plan Output Compensation

Iraq and Kazakhstan submitted updated output compensation plans to OPEC. They aim to compensate for their overproduction between January and July by September 2025. Iraq's overproduction was 1.4 million bpd, while Kazakhstan's was 699,000 bpd.

Iraq and Kazakhstan have submitted updated output compensation plans to OPEC, pledging to make up for excess oil production earlier this year by September 2025, the organization announced on Thursday.

From January to July, Iraq's overproduction totaled 1.4 million barrels per day (bpd), and Kazakhstan's was 699,000 bpd, OPEC revealed.

The plans are part of efforts to stabilize the oil market and adhere to OPEC's production agreements.

(With inputs from agencies.)