Iraq, Kazakhstan submit compensation plans for underreduced oil production volumes

The deadlines for compensating for the underreduced oil production volumes by countries that didn’t completely fulfill their agreements have been extended until the end of September, a source familiar with the course of the ministerial meeting of the OPEC+ countries, told Interfax, Report informs.

Iraq and Kazakhstan presented compensation plans to ministers. As of the end of January, Iraq had to compensate for about 600,000 barrels per day, while in February it didn’t reduce production, Kazakhstan’s debt was 255,000 barrels per day, in February Kazakhstan executed the deal by 58 percent.

Following the meeting, it was decided to collectively increase the current production level by OPEC+ countries in May by 350,000 barrels per day, in June - by 350,000 barrels per day, in July - by 450,000 barrels per day.

Kazakhstan’s commitments under OPEC+ in May will amount to 1.463 million barrels per day, in June - 1.469 million barrels per day and in July - 1.475 million barrels per day.

Kazakhstan’s commitments under the OPEC+ agreement on production in April amounted to 1.457 million barrels per day, or minus 15 percent of the base level of 1.709 million barrels per day in November 2018.