OPEC+ Plans to Cut 4.6 Million BPD of Excess Oil by Mid-2026

OPEC announced that seven OPEC+ members-Russia, Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, and Oman-have provided updated plans to compensate for 4.6 million barrels per day of excess oil output, with full adjustments expected by July 2026.

In total, these countries will have to compensate for excess oil production in the amount of 4.779 million bpd from August 2025 to and including June 2026. In particular Russia is to compensate for excess production of 311,000 bpd, The Caspian Post reports, citing TASS.

Of these volumes, 85,000 bpd - in August and September, 70,000 bpd in October, 65,000 bpd in November and 6,000 bpd in December.

Compared to the previous schedule, the total volume of compensation for excess production from August 2025 to June 2026 increased by 1.692 mln bpd.

The volume of the compensation plan for Kazakhstan from August to June 2026 totals 2.63 million bpd, which is the largest volume of compensation among OPEC+ "volunteers."

According to OPEC files, Saudi Arabia has fully fulfilled its obligations to compensate for overproduction. The total volume of compensation for Iraq until the end of June 2026 will be 1.94 mln bpd, Kuwait - 59,000 bpd, the UAE - 309,000 bpd, Oman - 70,000 bpd.