Iraq, Kazakhstan to offset for oil production within OPEC+ by 1 mln bpd by the year end Iraq and Kazakhstan will compensate for the oil produced in excess of the OPEC+ quotas established for the countries, OPEC said in a statement.Iraq's excess production at the end of the first quarter amounted to 602,000 bpd, Kazakhstan – 389,000 bpd. The assessment to that effect was made following a meeting of the alliance secretariat, both countries’ representatives and the third party experts.In its message OPEC emphasized that a possible overproduction of oil from Iraq and Kazakhstan in April will also be taken into account in compensation plans.As reported, new voluntary OPEC+ cuts by 2.2 million bpd came into force in January. A number of alliance countries announced voluntary cuts following an online meeting at the end of November. The production of Iraq and Kazakhstan was higher than the established quotas. In February both countries stated that they were ready to offset for overproduction in the coming months (ICE ALMATY)

Fonte notizia: Interfax