OPEC Approves New Compensation Plans to Support Oil Market Stability

The Organization of the Petroleum Exporting Countries OPEC has received updated production compensation plans from four key members — Iraq, the UAE, Kazakhstan, and Oman — as part of efforts to support stability in the global oil market through June.

OPEC said the move follows outcomes of a virtual meeting held by eight member states in late November, which focused on adjusting oil supplies to address ongoing geopolitical and economic challenges.

Under the new plans, the four countries will implement additional monthly production cuts ranging between 267,000 and 829,000 barrels per day to offset earlier overproduction beyond agreed quotas.

Iraq’s production quota has been gradually raised, pushing its output ceiling to around 4.273 million barrels per day, while the country continues to invest in upgrading pipelines, storage facilities, and export terminals to boost capacity.

Officials stressed that any further increases within the OPEC+ framework require ministerial approval, noting that upcoming international assessments could pave the way for higher production ceilings.