Iraq and Kazakhstan have announced their commitment to comply with the new oil targets set by OPEC+ after failing to meet their production cut obligations last month. In an effort to compensate for the lack of compliance, non-OPEC oil producer Kazakhstan has vowed to make up for the shortfall in the coming months. Meanwhile, Iraq, OPEC’s second-largest producer, has reiterated its commitment to adhere to OPEC decisions on output and produce no more than 4 million barrels per day (bpd). This development is essential as it maintains stability in the global petroleum market and ensures that OPEC+ members fulfill their agreed-upon production cuts.

Compliance by Kazakhstan

Kazakhstan, a non-OPEC oil producer, announced on Wednesday its commitment to comply with the OPEC+ production cuts despite failing to fully meet its obligations in January. The country pledges to compensate for the lack of compliance in the upcoming months. This step demonstrates Kazakhstan’s dedication to supporting the stability of the global oil market as outlined by the OPEC+ agreement. The voluntary cuts from Kazakhstan will help alleviate the excess supply and contribute to the rebalancing of the oil market.

Iraq’s Commitment to OPEC

Iraq, one of the largest oil producers within OPEC, has reaffirmed its commitment to OPEC decisions on output. Following its second voluntary production cut announced in December, Iraq has vowed to produce no more than 4 million bpd. The Iraqi Ministry of Oil stated that Baghdad will review and address any increases in oil output, ensuring compliance with the agreed-upon production targets. This commitment is crucial in maintaining stability and support for the OPEC+ agreement, which is aimed at stabilizing oil prices and reducing global production.

Stabilizing the Global Market

The adherence of Iraq and Kazakhstan to their pledged production cuts is significant for the stability of the global petroleum market. As OPEC’s second-largest producer, Iraq’s commitment to limit its oil production to 4 million BPD ensures a more balanced supply and demand equation. This commitment, coupled with Kazakhstan’s compliance, helps avoid excess supply in the market, preventing downward pressure on oil prices. The OPEC+ agreement continues to play a vital role in ensuring stability and price equilibrium in the global market for petroleum.

• Kazakhstan pledges to compensate for lack of compliance with OPEC+ cuts
• Iraq commits to producing no more than 4 million bpd
• Adherence to OPEC decisions crucial for market stability
• Kazakhstan and Iraq essential in achieving rebalanced market supply

“The commitment of both Iraq and Kazakhstan to adhere to the OPEC+ production cuts is necessary to maintain stability in the global petroleum market and ensure the realization of agreed-upon targets. Their efforts will contribute to balancing the supply and demand dynamics and prevent undesirable downward pressure on oil prices.” – OPEC Spokesperson