OPEC+: 7 countries issue new compensation plans - Breaking The News

OPEC+: 7 countries issue new compensation plans

20 March

1 min read

EPA-EFE/CHRISTIAN BRUNA

The Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, revealed on Thursday an updated compensation cuts plan that will run through June 2026.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman have all committed to voluntary oil production cuts, OPEC shared in a statement. The compensation cuts will stand at between 189,000 barrels per day and 435,000 barrels per day, depending on the month.

The plans for compensation cuts are aimed at making up for the previous overproduction.

oil

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