OPEC Receives Iraqi Plan To Compensate For Oil Production Surplus

Baghdad / NINA /- The Organization of the Petroleum Exporting Countries (OPEC) announced on Monday that it has received an updated compensation plan from Iraq addressing its previous overproduction, covering the period from last month through June 2026.

According to OPEC data, Iraq will implement monthly compensatory production cuts for volumes that exceeded the agreed quota. The cuts will amount to 140,000 barrels per day in January, 135,000 bpd in February, 90,000 bpd in March, 90,000 bpd in April, 80,000 bpd in May, and 79,000 bpd in June.

As a result, the total compensatory cuts Iraq will undertake from January through June 2026 are expected to reach approximately 614,000 barrels per day, OPEC data showed.

OPEC also stated that it has received updated compensation plans from Kazakhstan, the United Arab Emirates, and the Sultanate of Oman. Kazakhstan will bear the largest share of the compensatory cuts, totaling 3.488 million barrels per day, followed by the UAE with 193,000 bpd, and Oman with approximately 38,000 bpd.

This comes after the OPEC+ alliance agreed at its most recent meeting to maintain current production levels in March, while continuing to freeze the planned output increases until the end of the first quarter of 2026, amid a seasonal decline in oil demand./ End