OPEC+ members update compensation plans
Four members of the OPEC+ group have updated their compensation plans through June 2026.
IMAGE: OPEC's logo. Getty Images
The Organization of the Petroleum Exporting Countries (OPEC) said that its members Iraq and the UAE, along with non-OPEC producers of the OPEC+ group Kazakhstan and Oman, have submitted their revised oil production plans following the group's 65th Joint Ministerial Monitoring Meeting (JMMC).
The updated compensation plan follows last week’s announcement that eight OPEC+ members agreed to collectively raise oil output by 206,000 b/d in May, the Saudi Arabia-led coalition said.
Iraq pumped about 417,000 b/d below its 4.2 million b/d quota, while the UAE cut output by 178,000 b/d in March 2026, according to OPEC. Both members are expected to keep production steady through June 2026, amid major supply-related concerns due to the ongoing US-Israel conflict with Iran.
OPEC+ member Kazakhstan will implement deeper cuts, with planned reductions of 789,000 b/d and 879,000 b/d in April and May, respectively, and a further 879,000 b/d in June 2026.
Oman will reduce production by about 16,000 b/d and 20,000 b/d in May and June 2026, respectively.
Iraq is slated to produce 4.3 million b/d in May, followed by the UAE at 3.4 million b/d. Kazakhstan and Oman will produce 1.6 million b/d and 821,000 b/d respectively, OPEC said.
By Aparupa Mazumder
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