The Organization of the Petroleum Exporting Countries (OPEC) confirmed on Monday that Iraq submitted a revised compensation plan to make up for earlier overproduction, committing to cumulative output cuts of about 614,000 barrels per day (bpd) through June 2026.
OPEC data show the reductions will be phased monthly: 140,000 bpd in January, 135,000 bpd in February, 90,000 bpd in March, 90,000 bpd in April, 80,000 bpd in May, and 79,000 bpd in June.
