On Thursday, March 20th, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) released a new timetable, in which seven member countries including Russia, Kazakhstan, and Iraq will further reduce oil production to make up for excess production.
OPEC's monthly compensatory production cuts mean a reduction of 189000 to 435,000 barrels per day.
OPEC stated that the new compensatory production reduction plan will continue until June 2026.
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