Several OPEC+ members that exceeded their crude oil production limits have submitted revised schedules to compensate for earlier overproduction, with the cuts set to run through June 2026.
The Organisation of Petroleum Exporting Countries confirmed that Iraq and the United Arab Emirates, alongside non-OPEC partners Kazakhstan and Oman, have updated their compensation plans with the OPEC Secretariat.
The measures are aimed at bringing cumulative production back in line with agreed quotas under the OPEC+ framework.
Among the four, Kazakhstan faces the steepest adjustment.
The country is expected to implement monthly compensatory reductions ranging from just over 500,000 barrels per day at the start of the year to nearly 670,000 barrels per day by June. The scale of the cuts reflects prolonged output above its assigned ceiling in recent months.
Iraq, OPEC’s second-largest producer, is also required to make significant monthly reductions, estimated at between 79,000 and 140,000 barrels per day. By comparison, the UAE’s compensation volumes are modest, with monthly cuts ranging from 10,000 to 53,000 barrels per day, while Oman’s planned reductions are minimal.
Kazakhstan’s elevated production levels were largely driven by increased output from the Tengiz oil field following a major expansion led by Chevron.
Although the country has repeatedly reaffirmed its commitment to the OPEC+ agreement, its energy ministry has acknowledged challenges in fully aligning with the compensation timetable.
In recent weeks, Kazakhstan’s crude output has declined sharply, though officials say the drop was not linked to compliance efforts.
Production fell by about 230,000 barrels per day in December after disruptions at a key export terminal on the Russian Black Sea coast, compounded by severe winter weather conditions that hampered operations.
The updated compensation plans come at a time of softer oil prices, with international benchmarks trading lower amid concerns over global supply and demand balances. Market watchers will be closely monitoring whether the pledged cuts are implemented as outlined, particularly by countries facing the heaviest adjustment burden.
OPEC+ has repeatedly stressed that adherence to production targets remains critical to stabilising the oil market and supporting prices, as the group navigates shifting geopolitical risks and uneven global economic growth.
