OPEC: Iraq to make 614,000 bpd in compensatory oil cuts
Shafaq News- Vienna
The Organization of the Petroleum Exporting Countries (OPEC) confirmed on Monday that Iraq submitted a revised compensation plan to make up for earlier overproduction, committing to cumulative output cuts of about 614,000 barrels per day (bpd) through June 2026.
OPEC data show the reductions will be phased monthly: 140,000 bpd in January, 135,000 bpd in February, 90,000 bpd in March, 90,000 bpd in April, 80,000 bpd in May, and 79,000 bpd in June.
OPEC Secretariat receives updated compensation plans from Iraq, the United Arab Emirates, Kazakhstan, and OmanPress release➡️https://t.co/WFzhbsYcix
— OPEC (@OPECSecretariat) February 2, 2026
The Organization also acknowledged updated compensation schedules from other producers, with Kazakhstan bearing the largest obligation at 3.488 million bpd, followed by the United Arab Emirates at 193,000 bpd and Oman at about 38,000 bpd.
The update follows an OPEC+ decision to keep production unchanged through the first quarter of 2026, postponing planned increases amid seasonal demand patterns. Eight members —Iraq, Russia, Saudi Arabia, the UAE, Kuwait, Kazakhstan, Algeria, and Oman— will maintain output at the December 2025 level of 39.725 million bpd.
