OPEC+ Imposes New Output Cuts to Compensate for Overproduction

OPEC+ has announced new oil production cuts for Kazakhstan and other members to offset recent quota violations, Orda.kz reports, citing Reuters.

Under the updated schedule, participating countries will reduce output by 189,000 to 435,000 barrels daily through June 2026. The bulk of the cuts will fall on Iraq, followed by Kazakhstan and Russia. 

In February, Kazakh oil output reached 1.767 million barrels per day — well above the OPEC+ quota of 1.468 million.

Despite plans to ramp up output from April, OPEC+ introduced new limits to stabilize the market.

The decision may influence global oil prices.

Original Author: Zarina Fayzulina