OPEC+ countries to reduce oil production ceiling in January

Eight OPEC+ nations will reduce their production ceiling by 148,000 barrels per day this month, according to a revised schedule for compensating overproduction.

The total production cut is projected to reach 441,000 barrels per day by February.

The reduction will affect countries with voluntary production curbs: Russia, Saudi Arabia, the UAE, Kazakhstan, Iraq, Kuwait, Algeria, and Oman.

This follows a previous OPEC+ decision requiring four members – Kazakhstan, Iraq, the UAE, and Oman – to compensate for combined overproduction of nearly 4.57 million barrels per day between December and June. Kazakhstan accounts for the largest share of this volume, at approximately 3.5 million barrels.