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An Iraqi-Kazakhstan agreement to compensate for “excess oil” within the OPEC agreement
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Economy News - Baghdad
[rtl]Iraq and Kazakhstan presented their plans to compensate for the quantities in which they exceeded the oil production quotas specified for them within the OPEC agreement, and they also pledged to compensate for all production differences amounting to 991 thousand barrels per day by the end of 2024.[/rtl]
[rtl]The OPEC Secretariat organized a “very productive” technical workshop via video between technical experts from Iraq and Kazakhstan and industry experts from secondary sources who provide data on the production of the countries participating in the cooperation agreement, according to a report issued by “OPEC”, viewed by Shafaq News Agency.[/rtl]
[rtl]OPEC explained that the process aims to "share Iraq and Kazakhstan's plans to compensate for the suspended excess production quantities for the months (January, February, and March 2024), which totaled about 602 thousand barrels per day for Iraq, and 389 thousand barrels per day for Kazakhstan."[/rtl]
[rtl]OPEC revealed that, according to the joint plans of the two countries, “the entire excess quantities will be compensated by the end of this year. Any surplus production that may arise in April 2024 will also be absorbed into the relevant compensation plans during the remaining months of 2024.”[/rtl]
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Added 05/04/2024 - 8:48 AM
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Economy News - Baghdad
[rtl]Iraq and Kazakhstan presented their plans to compensate for the quantities in which they exceeded the oil production quotas specified for them within the OPEC agreement, and they also pledged to compensate for all production differences amounting to 991 thousand barrels per day by the end of 2024.[/rtl]
[rtl]The OPEC Secretariat organized a “very productive” technical workshop via video between technical experts from Iraq and Kazakhstan and industry experts from secondary sources who provide data on the production of the countries participating in the cooperation agreement, according to a report issued by “OPEC”, viewed by Shafaq News Agency.[/rtl]
[rtl]OPEC explained that the process aims to "share Iraq and Kazakhstan's plans to compensate for the suspended excess production quantities for the months (January, February, and March 2024), which totaled about 602 thousand barrels per day for Iraq, and 389 thousand barrels per day for Kazakhstan."[/rtl]
[rtl]OPEC revealed that, according to the joint plans of the two countries, “the entire excess quantities will be compensated by the end of this year. Any surplus production that may arise in April 2024 will also be absorbed into the relevant compensation plans during the remaining months of 2024.”[/rtl]
Views 80
Added 05/04/2024 - 8:48 AM
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