The Secretariat of the Organization of Petroleum Exporting Countries (OPEC) said on Wednesday that it received revised proposals from its members for compensation cut plans that will run through June 2026.
OPEC said in a statement that Oman, Kazakhstan, Iraq, and the United Arab Emirates had all pledged to reduce their oil production voluntarily. Depending on the month, the compensation reductions will cover between 267,000 and 829,000 barrels per day.
The compensation reduction strategies are intended to compensate for prior overproduction.
https://breakingthenews.net/Article/OPEC:-4-countries-issue-new-compensation-plans/65438998
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