MOSCOW, May 3. /TASS/. Iraq and Kazakhstan within voluntary oil output reduction, which a number of OPEC+ countries stick to in the first half of this year, will compensate for outstanding overproduced volumes in the amount of almost 1 mln barrels per day by the end of 2024, according to a statement released on the OPEC website.

Outstanding overproduced volumes totaled about 602,000 barrels per day and 389,000 barrels per day in January-March in Iraq and Kazakhstan, respectively, OPEC said. "The plans shared by both countries below show in details that the entire over-produced volumes will be fully compensated for by end of this year," the statement reads.

Iraq and Kazakhstan were to submit their detailed compensation plans to the OPEC Secretariat by April 30, 2024.

Starting the first quarter of 2024, several countries of the alliance, including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 2.2 mln barrels per day to balance the market. Initially, the measure was to apply only in Q1, but in early March, the alliance countries extended its effect to Q2 as well.

Within those agreements Kazakhstan is to cut output by 82,000 barrels per day, while Iraq is to reduce 221,000 barrels per day in Q1 and 223,000 barrels per day in Q2. However, those countries could not meet the assumed obligations on oil output reduction in January-March.

According to Overproduction Compensation Plan for Iraq and Kazakhstan published on the OPEC website, Iraq will additionally cut output by 50,000 barrels per day each month from May to September, by 100,000 barrels per day in October-November, and by 152,000 barrels per day in December. In turn, Kazakhstan will slash production by 18,000 barrels per day in May, by 131,000 barrels per day in August, by 299,000 barrels per day in October, and by 40,000 barrels per day in November.

The overproduction that may arise this April for these countries, will be accommodated in the respective compensation plans over the remaining months in 2024, OPEC noted.