OPEC+ countries will compensate for excess oil production of 727 thousand – 850 thousand barrels/day monthly from February to June 2026, according to a new schedule.
“Elchi” reports that this is reflected in the updated compensation plans received by the OPEC secretariat from Iraq, the United Arab Emirates, Kazakhstan, and Oman.
The main part of the compensation volume — 602 thousand – 700 thousand barrels/day — will fall to Kazakhstan.
According to the organization, the compensation volume in February was 727 thousand barrels/day according to the schedule. This volume will be 756 thousand barrels/day in March, 793 thousand barrels/day in April, 818 thousand barrels/day in May, and 850 thousand barrels/day in June.
Thus, OPEC+ countries, which voluntarily reduce production until July 2026, must compensate for a total excess oil production of 3.944 million barrels/day.
According to their calculations, taking into account the new compensation schedule, the oil production limit for the OPEC+ “eight” for March will decrease by 29 thousand barrels/day compared to February, falling to 32.536 million barrels/day.