OPEC Nations Submit Future Compensation Plans

OPEC has received updated compensation plans from Russia, Iraq, UAE, Kazakhstan, and Oman. These plans detail how each nation will account for producing above their assigned quotas and cover the period from the previous month until June 2026.

The Organization of the Petroleum Exporting Countries (OPEC) secretariat announced on Sunday that it has received updated compensation plans from five member countries: Russia, Iraq, the United Arab Emirates, Kazakhstan, and Oman.

This initiative aims to ensure that member countries comply with production limits, addressing instances where actual output exceeded set targets.

The compensation schedules span from the previous month until June 2026, signifying a long-term commitment to maintaining production discipline within the organization.

(With inputs from agencies.)