OPEC+ members to present compensation plans for excess oil production

OPEC+ members whose production exceeded their commitments in the first quarter of this year will present detailed plans to compensate for the overproduction by the end of April, reads the official communiqué of the alliance, Report informs.

Member countries with overproduction for January, February and March 2024 will submit their detailed compensation plans to the OPEC secretariat by April 30, 2024, the document notes.

The document also says that the committee welcomed the promise of Iraq and Kazakhstan to compensate for overproduction.