OPEC members update compensation plans

Four members of the OPEC+ group have updated their compensation plans through June 2026.

IMAGE: OPEC's flag. 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+ pact Kazakhstan and Oman, have submitted their revised oil production plans following the group's 65th Joint Ministerial Monitoring Meeting (JMMC).

Iraq is expected to pump 135,000 b/d below its 4.2 million b/d quota in February 2026. Production cuts will ease to 90,000 b/d in March and April, followed by reductions of 80,000 b/d in May and 79,000 b/d in June 2026.

The UAE will cut output by 20,000 b/d in February and March 2026 each, before deepening reductions to 40,000 b/d in April. The country will then trim production by 50,000 b/d in May and by 53,000 b/d in June.

OPEC+ member Kazakhstan will implement deeper cuts, with planned reductions of 629,000 b/d and 549,000 b/d in the second and third month of this year, and 569,000 b/d April and May, and 669,000 b/d June 2026.

Over the weekend, eight OPEC+ members collectively re-affirmed their pause to production hikes in March 2026, the Saudi Arabia-led coalition said.

Iraq is slated to produce 4.3 million b/d, followed by the UAE at 3.4 million b/d. Kazakhstan and Oman will produce 1.6 million b/d and 811,000 b/d respectively, OPEC said.

By Aparupa Mazumder

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