OPEC gets updated offset plans from 4 countries to curb overproduction

02:26 PM (Mecca time) Argaam
OPEC receives updated plans from Iraq, the UAE, Kazakhstan, and Oman

OPEC receives updated plans from Iraq, the UAE, Kazakhstan, and Oman

The Secretariat of the Organization of the Petroleum Exporting Countries (OPEC) received today, April 7, updated plans from Iraq, the UAE, Kazakhstan, and Oman to compensate for oil volumes produced above their allocated quotas.

 

The move is part of adherence to production-cut agreements aimed at maintaining global market stability.

 

The plans follow agreements reached during a virtual meeting held in early March 2026 by eight countries implementing additional voluntary adjustments.

 

The participating nations confirmed their full commitment to the compensation schedule to ensure supply-demand balance.

 

Official data from the OPEC Secretariat showed that planned compensation began at a high pace in March, totaling 1.214 million barrels per day (mbpd), with varying contributions among the countries.

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