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: 29.06.2026 Expectation: 730 pips
Invest in AUDCAD with 0.99500 target
Yesterday at 11:28 AM 32
Period: 05.06.2026 Expectation: 1525 pips
GBPUSD may find its footing as selling storm subsides
Yesterday at 11:07 AM 25
Brent sell
Period: 05.06.2026 Expectation: 700 pips
Brent crude loses ground amid looming US-Iran peace deal
Yesterday at 11:05 AM 21
Period: 29.06.2026 Expectation: 1650 pips
Buying USDCAD with 1.39500 in view
Yesterday at 10:45 AM 16
Gold sell
Period: 28.06.2026 Expectation: 400 pips
Selling gold upon breaking below support
28 May 2026 103
Period: 31.08.2026 Expectation: 5000 pips
Invest in USDJPY from 155.00
28 May 2026 39
Go to forecasts