The oil production plan for OPEC+ countries, taking into account quotas, voluntary reductions, and compensation for under-reduction volumes, will increase by 13,000 b/d in February compared to January, reaching 35.44 million barrels per day, according to Interfax calculations.
In addition to quotas for all member countries, eight OPEC+ members have been voluntarily reducing their production since 2023, occurring in two tranches.
One of the reductions, amounting to 2.2 million b/d, was expected to begin gradually winding down from October 1, but plans have been postponed multiple times. The alliance now intends to start gradually increasing production from April 1.
For countries that exceeded production levels beyond agreements during 2024 (Iraq, Kazakhstan, and Russia), compensation schedules for under-reduction volumes are in effect.
Specifically, Iraq is required to reduce its oil production by 120,000 b/d in February, just as it did in January, while Kazakhstan will lower its compensation level by 13,000 b/d to 52,000 b/d in February.
Russia's quota will remain unchanged in February, staying at 8.978 million b/d.