OPEC, allies issue new production plans to compensate for overproduction
This story was originally published at 13:25 IST on 21 March 2025
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MUMBAI – The Organization of the Petroleum Exporting Countries and allies have issued new production plans for seven member-nations to make up for producing more than the agreed levels. Iraq, Kuwait, Saudi Arabia, the United Arab Emirates, Kazakhstan, Oman, and Russia will be making production cuts till June 2026, the cartel said.
The monthly production cuts range between 189,000 barrels per day to 435,000 barrels per day. Earlier in the month, eight member nations of OPEC and its allies decided to proceed with the gradual unwinding of the voluntary production cuts from Apr. 1. This gradual increase in production may be paused or reversed, subject to market conditions, the cartel said. End
Reported by Ashutosh Pati
Edited by Tanima Banerjee
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