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: 13.03.2026 Expectation: 700 pips
Investing in silver with $91 in view
Today at 11:42 AM 14
Period: 10.03.2026 Expectation: 650 pips
AUDUSD stays attractive on RBA rate hike bets
Today at 11:30 AM 15
Period: 05.03.2026 Expectation: 300 pips
Buying Brent crude with short-term target at $83
Today at 10:15 AM 22
Period: 10.03.2026 Expectation: 6050 pips
Buying Bitcoin on correction before next leg up
Today at 08:27 AM 12
Brent sell
Period: 06.03.2026 Expectation: 350 pips
Selling Brent oil down to $76.5
Yesterday at 11:28 AM 50
Period: 09.03.2026 Expectation: 1300 pips
Silver sets sights on $100 per ounce
Yesterday at 11:21 AM 53
Go to forecasts