OPEC receives updated compensation plans from Iraq and Kazakhstan

The 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held 02 June 2024 reiterated the critical importance of adhering to full conformity and the compensation mechanism.  

In light of this, the OPEC Secretariat received updated compensation plans from Iraq and Kazakhstan for their overproduced volumes for the first 7 months of 2024 (January through July 2024), which totaled about 1,440 tb/d for Iraq and 699 tb/d for Kazakhstan, according to assessments made by the independent sources approved in the Declaration of Cooperation (DoC).

The table below, prepared by the OPEC Secretariat, shows in detail that the entire over-produced volumes will be fully compensated for by September 2025.

Table: Overproduction Compensation Plan for Iraq and Kazakhstan