OPEC+ states that insufficiently reduced production volumes within the alliance’s agreements, will resubmit their updated compensation schedules to the OPEC Secretariat for the overproduced volumes before the end of February 2025, according to information released on the website of OPEC, APA reports citing TASS.
Russia, Iraq and Kazakhstan are on the list of countries that produced more than agreed on within the OPEC+ deal in certain periods in 2024.
Moreover, "after thorough analysis" OPEC states decided to replace Rystad Energy and the US Energy Information Administration (EIA) with Kpler, OilX, and ESAI, as part of the secondary sources used to assess the crude oil production by participating countries, the cartel said.
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