Page 80 - bne IntelliNews monthly country report Russia February 2024

Finally, even the 700,000 barrels of new supply curtailments announced last week may be undermined.
Angola refused to accept its new output target for next year and intends to pump about 70,000 barrels a day more than its allocated limit.
Iraq may struggle to deliver its promised cut, especially if it finally reaches an agreement over exports of crude from its northern Kurdish region through Turkey.
The fact that two-thirds of the announced OPEC+ reductions — and possibly even more — won’t actually be removed from output balances next month may explain why they haven’t had the hoped-for impact.
Six Opec+ members have agreed to 700,000 b/d worth of voluntary crude production cuts in the first quarter of next year, while Saudi Arabia said it will extend its existing 1mn b/d cut over the same period it was agreed on December 1.
The voluntary reductions are calculated from the respective countries' 2024 output targets, which were set in June. They are in addition to a previous round of voluntary cuts announced in April.
The latest reductions comprise a 223,000 b/d cut from Iraq, 163,000 b/d from the UAE, 135,000 b/d from Kuwait, 82,000 b/d from Kazakhstan, 51,000 b/d from Algeria and 42,000 b/d from Oman, according to the Opec Secretariat.
80 RUSSIA Country Report February 2024 www.intellinews.com