Vienna: The OPEC Secretariat received updated compensation plans from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman.
According to Kuwait News Agency, the plans were submitted on Wednesday following the agreement made during the virtual meeting of the OPEC+ alliance members on April 3. These plans include additional voluntary adjustments aimed at maintaining the balance of the oil market.
The updated compensation plans detail Iraq committing to a reduction of 1,934 barrels per day (bpd) for the April-June period, marking the largest volume among the group. This is followed by Kazakhstan with 1,299 bpd, Russia with 691 bpd, the UAE with 387 bpd, Oman with 97 bpd, Kuwait with 150 bpd, and Saudi Arabia with 15 bpd.