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OPEC: Iraq, Russia to compensate for surplus oil production
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Economy News - Baghdad
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Added 07/25/2024 - 11:57 AM
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Economy News - Baghdad
OPEC revealed that the total increase in oil production by Russia and Iraq during the period from January to June this year and that Moscow pledged to compensate for the largest part of that amount next year.
OPEC data indicates that Russia will compensate for 40,000 barrels per day of surplus oil production in the period from October to November of this year, and will compensate for 440,000 in the period from March to September of next year.
Regarding Iraq, the OPEC Secretariat said that it had received Iraq's plan to compensate for the surplus production in the first half of the year, and stated that it would compensate for it by September 2025.
The organization said in a statement that the surplus production quantities in Iraq between January and June amounted to about 1.184 million barrels per day.
OPEC also received plans from Kazakhstan to compensate for excess production.
OPEC and its allies, led by Russia, known as OPEC+, have agreed to a series of major production cuts since late 2022.
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Added 07/25/2024 - 11:57 AM
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