Iraq, Casaquistan, Russia, United Arab Emirates, Kuwait, Saudi Arabia and Oman had updated schedules describing how they plan to compensate for production
Members of the organization of oil and allied export countries (OPEC+) will have to compensate for excessive production goals in a total of 4.573 million barrels per day, according to a table on the cartel website.
According to market observers, cuts can compensate most of the planned production increases by the second half of 2026, but there is no certainty that the member countries will maintain their schedules.
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Iraq, Casaquistan, Russia, United Arab Emirates, Kuwait, Saudi Arabia and Oman had updated schedules describing how they plan to compensate for production above their respective quotas since the beginning of last year.
The measure occurs after OPEC and its allies announce, earlier this month, an increase in offer higher than expected for May, as part of a broader plan to reverse total cuts of about 2.2 million barrels a day.
Source: Dow Jones Newswires.