Russia, Iraq, and Kazakhstan have submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d, and Kazakhstan 620 kb/d. Last month, OPEC+ announced that it would extend a cut of 1.65 million barrels per day, announced in April 2023, until the end of 2025. The cut was due to expire…
