The eight OPEC+ countries that have been cutting oil production will have to compensate 4.57 million barrels per day (bpd) in overproduction so far, and the compensation plans entail offsetting all above-quota output by June 2026. Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have submitted their individual compensation plans to OPEC, the cartel said on Wednesday.
Source: OPEC Since the very first OPEC+ agreement in 2016, OPEC and its non-OPEC allies have been struggling with overproduction from several…OPEC+ Vows to Offset 4.57 Million Bpd Overproduction by June 2026
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