The OPEC secretariat has received updated compensation plans from Iraq, United Arab Emirates, Kazakhstan and Oman, to offset their overproduction through June 2026, the organization said on Monday.
The schedule received from the four members covered the period from January until June of this year to make up for previous months when they exceeded their production targets.
The announcement follows a virtual OPEC+ meeting held on Sunday, in which the alliance decided to keep its oil production level unchanged for March.
In November, the grouping had frozen further planned increases for January through March 2026 because of seasonally weaker consumption.
According to the updated schedule received by the OPEC General Secretariat, the four countries are committed to varying compensatory production cuts during the first half of 2026.
Kazakhstan faces the largest reductions, with planned cuts starting at 503,000 barrels per day (bpd) in January and rising to 669,000 bpd by June.
The UAE must compensate 193,000 bpd and therefore, plans to cut between 10,000 and 53,000 bpd each month until June.
Iraq must cut production by 614,000 bpd and will compensate with monthly reductions ranging from 80,000 to 140,000 bpd.
As for Oman, it must cut 38,000 bpd. The Sultanate’s monthly cuts are relatively minor, between 5,000 and 8,000 bpd, and have little impact on the group’s overall output.
In total, the four OPEC+ countries are required to cut a combined 4.333 million bpd in excess production between January and June 2026.
