The Organization of Petroleum Exporting Countries (OPEC) received updated plans of surplus oil production compensation from seven OPEC+ countries, specifically from Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan and Oman, the organization said.
These countries are to compensate surplus oil production of 4.572 mln barrels daily from April 2025 to June 2026, including 691,000 barrels per day of oil production to be compensated by Russia during that period.
Iraq will cut output by 1.934 million bpd, Kuwait by 150,000 bpd, Saudi Arabia by 15,000 bpd, the UAE by 386,000 bpd, Kazakhstan by 1.299 million bpd and Oman by 97,000 bpd.
Compensation plans for Iraq, Kazakhstan and the UAE have been drawn up until June 2026. The remaining countries will compensate for excess production ahead of schedule: Saudi Arabia by the end of April, Russia and Kuwait by October and Oman by November.
Eight OPEC+ countries that assumed an obligation earlier on voluntary oil production cuts had an online meeting on April 3. The decision was made in conclusion of the meeting to expedite the increase of oil production to 411,000 barrels per day.
