The Organisation of the Petroleum Exporting Countries (Opec) has received updated output compensation plans from Iraq and Kazakhstan.
The oil producers’ group said the two countries aim to make up for their overproduction in the first seven months of this year by September 2025.
Opec and other producers including Russia, known as Opec+, have implemented a series of output cuts since late 2022 to support the market, most of which are in place until the end of 2025.
Iraq’s cumulative overproduction between January and July was 1.4 million barrels per day and Kazakhstan’s was 699,000 bpd, Opec said.
The move underscored Iraq’s “dedication to supporting the joint efforts made by the Opec+ group to achieve balance and stability in the global oil market, and to safeguard the interests of all producing and consuming countries alike,” it added.
Russia said earlier this month it exceeded its July production quota agreed with Opec+ but pledged to abide by it and to compensate for excess output.
On August 1, Opec+ confirmed a plan to start unwinding the most recent layer of cuts of 2.2m bpd from October, with the caveat that it could be paused or reversed if needed.
“Crude oil prices have stabilised but continue to face downward pressure from ongoing macroeconomic factors. Concerns about China’s economic slowdown have weighed heavily on global demand,” said global head of education and research at CFI Financial Group George Khoury.
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