The countries of Iraq and Kazakhstan said on Wednesday that they are in the process of making additional reductions in oil production, and submitting plans showing ways to compensate them for pumping several hundred thousand barrels per day above the targets agreed upon at the beginning of 2024, noting that they have sent schedules of reductions.

The Ministry of Energy in Kazakhstan revealed its work on a schedule aimed at clarifying how to compensate for excess production during the first quarter of 2024, and Iraq also presented a proposal in line with what the OPEC+ alliance announced about oil production cuts at the beginning of 2024, in an attempt to reduce the surplus. Global oil and price support.

The OPEC+ decision caused Brent futures prices to rise to close to $90 per barrel, despite concerns about economic growth in major consuming countries.

Iraq and Kazakhstan failed to adhere to OPEC+ quotas. As Iraq seeks to collect revenues with the aim of rebuilding its collapsed economy, Kazakhstan deploys new production capacity.

It is expected that the Organization of the Petroleum Exporting Countries (OPEC) and its partners will meet on the first of next June. To decide whether to continue production cuts completely or partially during the second half of 2024.