OPEC secretariat receives updated compensation plans after exceeding output targets
DUBAI, Feb 2 (Reuters) - The OPEC secretariat has received updated compensation plans from Iraq, United Arab Emirates, Kazakhstan and Oman, the organisation said on Monday.
The schedule received from the four members covered the period from last month until June of this year to make up for producing above their targets.
At a meeting on Sunday, OPEC+ agreed to keep its oil output unchanged for March. In November, the grouping had frozen further planned increases for January through March 2026 because of seasonally weaker consumption.
The majority of the compensation cuts need to be delivered by Kazakhstan, followed by Iraq, the UAE and Oman.
The table below shows the compensation plan in thousands of barrels per day.
Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Jun 26 | Total | |
Iraq | 140 | 135 | 90 | 90 | 80 | 79 | 614 |
UAE | 10 | 20 | 20 | 40 | 50 | 53 | 193 |
Kaz. | 503 | 629 | 549 | 569 | 569 | 669 | 3,488 |
Oman | 6 | 5 | 6 | 7 | 8 | 6 | 38 |
Total | 659 | 789 | 665 | 706 | 707 | 807 | 4,333 |
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