The Zhitong Finance App learned that some OPEC+ member countries that have not fulfilled the production reduction agreement have submitted plans to achieve these goals. According to reports, Iraq and Kazakhstan have agreed to submit plans by April 30, explaining how they will pay for production hundreds of thousands of barrels higher than the target agreed at the beginning of the year. These timetables have already been issued.

Kazakhstan's Ministry of Energy confirmed last week that it has drawn up a schedule showing how it will be compensated for excess production in the first quarter during the rest of the year.

Iraq has also submitted plans, according to an official who asked not to be named.

OPEC+, led by Saudi Arabia and Russia, announced a new production reduction plan in early 2024 to avoid global oil surpluses and support prices. Their intervention paid off, supporting Brent crude futures close to $90 a barrel, despite concerns about economic growth in major consumer countries.

Iraq and Kazakhstan are not fully complying with OPEC+ quotas; the former is seeking revenue to rebuild their shattered economy, while the latter is deploying new production capacity.

OPEC and its partners will meet on June 1 to decide whether to continue production cuts until the second half of this year.