OPEC+ countries must compensate 4.57 bpd of excess oil output from April 2025 to June 2026, Russia - 691,000 bpd

MOSCOW. April 16 (Interfax) - The OPEC Secretariat has received updated plans to compensate oil that some countries had produced in excess of their OPEC+ commitments, OPEC said in a press release.

OPEC said that from April 2025 to June 2026 inclusive, seven countries that previously overproduced will have to cut output by 4.572 million barrels per day: Iraq by 1.934 million bpd, Kuwait by 150,000 bpd, Saudi Arabia by 15,000 bpd, the UAE by 386,000 bpd, Kazakhstan by 1.299 million bpd, Oman by 97,000 bpd and Russia by 691,000 bpd.

Compensation plans for Iraq, Kazakhstan and the UAE have been drawn up until June 2026. The remaining countries will compensate for excess production ahead of schedule: Saudi Arabia by the end of April, Russia and Kuwait by October and Oman by November.