21 March 2025 | Oil

Russia, Iraq and Kazakhstan to reduce oil overproduction within OPEC+ quotas

Russia, Iraq and Kazakhstan to reduce oil overproduction within OPEC+ quotas

OPEC+ countries, which previously exceeded the established oil production quotas, plan to further reduce crude oil output to compensate for the violations. Kazakhstan, Iraq and Russia proposed to increase the volume of production cuts in order to restore balance in the global oil market. However, as Bloomberg notes, over the past year, none of these countries has been able to stick to the norms established by the organization.

Non-compliance with OPEC+ requirements negatively affects oil prices, the agency reports. Prices are under pressure due to weakening demand in China and growing supply in the United States. In recent months, Iraq and Russia have become more compliant with the cartel's agreements, but Kazakhstan continues to exceed quotas.

In an attempt to improve the situation, the country has asked its international partners to reduce production. Despite this, next month oil exports from the country will remain at a high level and may even exceed the official OPEC data, Bloomberg notes.

In addition, statistics from the International Energy Agency show that Iraq, Russia and the United Arab Emirates continue to surpass their quotas by several hundred thousand barrels per day.

Elena Berseneva MarketCheese
Period: 31.05.2026 Expectation: 1100 pips
Selling natural gas down to $2.65
Yesterday at 11:12 AM 18
Period: 31.05.2026 Expectation: 2500 pips
Investing in USDCAD as Middle East ceasefire holds
Yesterday at 10:55 AM 18
Period: 15.04.2026 Expectation: 1650 pips
EURUSD strengthens on eased geopolitical tensions and increased risk appetite
Yesterday at 10:23 AM 11
Period: 15.04.2026 Expectation: 800 pips
NVIDIA stock bounces back as geopolitical heat cools
Yesterday at 06:52 AM 22
Gold buy
Period: 30.04.2026 Expectation: 4500 pips
Buying gold looks attractive as US inflation heads lower
Yesterday at 05:00 AM 35
Period: 30.04.2026 Expectation: 870 pips
Selling AUDUSD as dollar strengthens
Yesterday at 05:00 AM 18
Go to forecasts