Kazakhstan will offset oil production by reducing it to 32,000 barrels per day.

In addition to the quotas for all participating countries, since last year, eight OPEC+ members have been voluntarily reducing their production — these cuts occur in two "tranches".

“One of the reductions, amounting to 2.2 million b/d, was set to gradually unwind starting October 1 (by 180-200 thousand b/d per month), but it was decided in early September to postpone the increases for another two months. Furthermore, for countries that exceeded their production levels beyond the agreements in the first half of the year (Iraq, Kazakhstan, and Russia), a compensation schedule for these under-reduced volumes is in effect,” the publication explains.

The growth in the alliance's production plan for November is primarily due to a reduction in compensation levels for Kazakhstan. While the country was expected to cut production by an additional 265 thousand b/d in October, it will only need to reduce it by 32 thousand b/d in November.

Iraq will need to compensate for 100 thousand b/d of previously under-reduced volumes in the upcoming month (compared to 95 thousand b/d in October), while Russia will need to make up for 30 thousand b/d (up from 10 thousand b/d in October).