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OPEC+ states to compensate for 3.797 mbd of excess oil production by July 2026

The OPEC Secretariat received updated compensation plans from Iraq, the United Arab Emirates, Kazakhstan, and Oman

MOSCOW, April 7. /TASS/. OPEC+ countries will compensate between 789,000 barrels per day (bpd) and 1.214 mln barrels per day (mbd) of excess oil production monthly from March to June 2026 under the new schedule, according to updated compensation plans received by the OPEC Secretariat from Iraq, the United Arab Emirates, Kazakhstan, and Oman. Kazakhstan accounts for the largest portion (619,000 to 879,000 bpd).

According to the schedule, the volume of compensation was to amount to 1.214 mbd in March, 789,000 bpd in April, 895,000 bpd in May, and 899,000 bpd in June.

Meanwhile, in April, only Kazakhstan must compensate for the excess production it previously allowed, according to OPEC.

Thus, by July 2026, OPEC+ countries voluntarily reducing production must compensate for 3.797 mbd of excess production.

According to TASS calculations, the OPEC+ oil production cap in April, taking into account the new compensation schedule, goes up by 632,000 bpd compared to March.

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