OPEC+ Overproducers Update Compensation Cuts [Yahoo! Finance]
Chevron Corporation (CVX)
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Source: Yahoo! Finance
OPEC members Iraq and the United Arab Emirates (UAE), as well as the non-OPEC producers of the OPEC+ pact, Kazakhstan and Oman, have submitted their updated plans to cut more output between January and June as compensation for previously exceeding their quotas. The UAE will be compensating small volumes of between 10,000 barrels per day (bpd) and 53,000 bpd each month through June. Iraq, OPEC's second-largest producer after Saudi Arabia, will have between 79,000 bpd and 140,000 bpd to compensate each month, while Oman's 5,000-8,000 bpd monthly compensation cut is negligible for the OPEC+ output. Kazakhstan, however, has its work cut out for it as its compensation schedule ranges from 503,000 bpd in January to as much as 669,000 bpd in June. Kazakhstan boosted its crude oil production last year and has been pumping well above its quota, although it continues to reaffirm its commitment to the OPEC+ deal. Kazakhstan's Energy Minister Yerlan Akkenzhenov has said that the countr
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