OPEC+ updated plans for compensating overproduction
March 20, 2025
OPEC+ has announced a new schedule for seven member countries to implement additional oil output reductions to compensate for pumping above agreed levels.
On Mar.20, OPEC+ announced a new schedule for seven member countries, including Russia, Kazakhstan, and Iraq, to implement additional oil output reductions to compensate for pumping above agreed levels.
According to a table on OPEC's website, these monthly cuts—agreed to during a Mar. 3 virtual meeting with members—will range from 189,000 to 435,000 b/d and are set to continue until June 2026
Additionally, OPEC+, which comprises OPEC along with Russia and other allies, plans to increase output by 138,000 b/d in April as part of a strategy to gradually reverse its production cuts.
