Four OPEC+ countries must compensate for nearly 4.6 mln bpd of excess oil output from Nov to June, nearly 3.35 mln bpd from Kazakhstan

Four OPEC+ countries must compensate for nearly 4.6 million barrels per day of excess oil production from November to June, OPEC said.

Kazakhstan alone must compensate for 3.357 million bpd from this amount.

Additionally, Iraq will compensate 947,000 bpd for eight months, the United Arab Emirates 244,000 bpd, and Oman 41,000 bpd.

The updated compensation plans were received in accordance with the agreement reached during a virtual meeting of eight countries on November 2 regarding additional voluntary adjustments, including Saudi Arabia, Russia, Kuwait, and Algeria.