Four OPEC+ countries to offset excess oil output by June

Four OPEC+ member countries must compensate for a combined daily excess oil production of 4.57 million barrels from December last year through June, according to the OPEC, Report informs.

An updated compensation table has been published. Under the plan, Kazakhstan is required to offset 3.54 million barrels per day over the period, while Iraq must compensate for 771,000 barrels per day.

The United Arab Emirates is expected to offset 223,000 barrels per day, and Oman 40,000 barrels per day, the schedule shows.