OPEC Receives Eight OPEC+ Compensation Plans; Russia to Offset 691,000 bpd, Kazakhstan 1.3 Million bpd Overproduction

OPEC has received updated compensation plans from eight OPEC+ member countries that have exceeded their voluntary oil production limits. The countries submitting plans include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and Iran. Russia is required to compensate for 691,000 barrels per day (bpd) of oil overproduction, according to OPEC. Kazakhstan must compensate for 1.3 million bpd of overproduction. These measures are aimed at ensuring compliance with the OPEC+ production reduction agreement and maintaining balance in the global oil market.