OPEC has received updated output compensation plans from Iraq and Kazakhstan, committing to address their overproduction by September 2025. This follows the implementation of output cuts by OPEC and its allies, known as OPEC+, aimed at stabilizing the oil market since late 2022.
Iraq reported a cumulative overproduction of 1.4 million barrels per day (bpd) from January to July, while Kazakhstan’s overproduction stood at 699,000 bpd. The Iraqi oil ministry confirmed it has submitted a detailed compensation plan to OPEC, highlighting its commitment to reducing production levels and balancing the global oil market.
Russia has also acknowledged exceeding its production quota but has pledged to comply with OPEC+ agreements moving forward. In a recent decision, OPEC+ confirmed plans to gradually unwind the latest round of production cuts totaling 2.2 million bpd starting in October, with the option to pause or reverse the plan if necessary.