OPEC members update compensation plans

Four members of the OPEC+ group of oil producers have updated compensation plans through June next year.

IMAGE: OPEC's logo. Getty Images

The Organization of the Petroleum Exporting Countries (OPEC) said that its members – Iraq, Kazakhstan, the UAE, and Oman – have submitted revised oil production plans, following the group's 40th OPEC and non-OPEC ministerial meeting.

Iraq is expected to pump 125,000 b/d below its 4.2 million b/d quota from November 2025 through February 2026. Production cuts will ease to 120,000 b/d in March and April, followed by reductions of 104,000 b/d in May and 103,000 b/d in June 2026.

The UAE will cut output by 10,000 b/d through January 2026, before deepening reductions to 25,000 b/d in February and March. The country will then trim production by 54,000 b/d in April and by 55,000 b/d in both May and June.

OPEC+ member Kazakhstan will implement deeper cuts than the other countries, with planned reductions of 259,000 b/d and 508,000 b/d in the first two months of the upcoming year, and 569,000 b/d each month from March through June 2026.

Earlier this month, eight OPEC+ members agreed to keep their oil production unchanged for the first quarter of 2026, the Saudi Arabia-led coalition said.

Iraq is slated to produce 4.2 million b/d, followed by the UAE at 3.4 million b/d. Kazakhstan and Oman will produce 1.5 million b/d and 811,000 b/d respectively, OPEC said.

By Aparupa Mazumder

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