Iraq and Kazakhstan reached an agreement on Friday to cut oil production as part of the OPEC+ compensation cuts plan to stabilize global oil prices. As part of the agreement, Iraq pledged to make compensation cuts of 602,000 barrels per day this year and Kazakhstan vowed to cut 389,000 barrels per day to make up for the OPEC quota overproduction before the year's end. "Moreover, any overproduction that may arise in the month of April 2024 for these countries will be accommodated in the respective compensation plans over the remaining months in 2024," the workshop readout showed. (full story)