VIENNA - The Organization of the Petroleum Exporting Countries Secretariat said Thursday that it received updated compensation plans from Iraq and Kazakhstan for their overproduced oil volumes in the first seven months of 2024.

OPEC said in a statement that Iraq overproduced 1.44 million barrels per day (bpd) from January to July, and Kazakhstan overproduced 699,000 bpd.

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According to their updated plans, Iraq and Kazakhstan are set to begin compensating for their overproduced volumes this month.

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The two countries will fully compensate for their overproduction by September 2025, with their respective compensation cuts varying from month to month.

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In June, a meeting of oil ministers from OPEC and its allies, a group known as OPEC+, reiterated the importance of adhering to full conformity and the compensation mechanism.

OPEC+ decided at the meeting to extend its existing output cuts at least into the third quarter of this year.