Iraq, Kazakhstan and Russia have submitted their Opec+ compensation plans for overproduction since January, pledging to compensate in full by the end of September 2025. The three countries collectively pledged to cut an average of 152,000 b/d on top of their Opec+ quotas over the course of July 2024-September 2025.
If fully implemented, the compensation cuts would partially offset the impact of the planned easing of voluntary production cuts by the ‘Group of 8’ from October (MEES, 7 June). Indeed, with Kazakhstan stating that it plans to implement the bulk of its compensation cuts in October (see table), Opec+ production could actually drop that month (see chart 1). (CONTINUED - 576 WORDS)
