VIENNA: The OPEC Secretariat received updated compensation plans on Wednesday from several key members of the OPEC+ alliance, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman.
As part of an agreement made during a virtual meeting on April 3, these plans include additional voluntary adjustments aimed at maintaining the balance of the oil market.
The compensation plans reveal Iraq’s commitment to the largest adjustment, pledging to cut 1,934 barrels per day (bpd) for the April-June period. This is followed by Kazakhstan, which has committed to 1,299 bpd, and Russia at 691 bpd. Other members, including the UAE, Oman, Kuwait, and Saudi Arabia, have also agreed to make adjustments, with pledged reductions of 387 bpd, 97 bpd, 150 bpd, and 15 bpd, respectively.
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