#OPEC+: Overproduction Compensation Plan for #Iraq and #Kazakhstan #oott https://t.co/Xx0Zpm665H
#OOTT | Iraq To Make Compensation Cuts Of 602k Bpd This Year - #OPEC - Kazakhstan To Make Compensation Cuts Of 389k Bpd https://t.co/kq42pbR0kV https://t.co/QS1Pdx33xX
IRAQ TO MAKE COMPENSATION CUTS OF 602,000 B/D THIS YEAR - OPEC.
Iraq and Kazakhstan have outlined their plans to OPEC for making compensation cuts in oil production this year. Iraq has committed to reducing its output by 602,000 barrels per day (B/D), while Kazakhstan will cut 389,000 B/D. These measures are in response to their previous overproduction relative to OPEC quotas. The overall OPEC oil production has remained steady, despite these compensatory adjustments. This initiative is part of a broader effort to stabilize global oil markets and adhere to agreed production limits.
