The Organization of the Petroleum Exporting Countries (OPEC) secretariat has received updated plans to supplement surplus oil production from Iraq, the United Emirates, Kazakhstan and the Sultanate of Oman.
The organization said in a statement (Wednesday) that the proposed remuneration schedule covers the period from last month to June next year.
The plan is aimed at gradually reducing output to compensate for pumping above target levels, after the OPEC+ alliance agreed at a meeting on Sunday to increase production by only about 206,000 barrels per day in April next year, despite rising geopolitical tensions in the Middle East having a negative impact on logistics in the region.
high price
In terms of prices, oil prices rose by more than $1 today as the US and Israel’s war against Iran disrupted production in the Middle East and halted exports from the region.
Brent crude rose $1.11, or 1.4%, to $82.53 per barrel yesterday, after hitting its highest close since January 2025.
U.S. West Texas Intermediate crude rose 79 cents, or 1.1%, to $75.37 after hitting its highest settlement level since June last year.
The Organization of the Petroleum Exporting Countries (OPEC) secretariat has received updated plans to supplement oil production surpluses from Iraq, the UAE, Kazakhstan and Oman.
The organization said in a statement on Wednesday that the compensation schedule it submitted covers the period from last month to June next year.
The plan aims to gradually reduce production to make up for the volumes pumped above target levels, after the OPEC+ coalition agreed at a meeting last Sunday to increase production by only 206,000 barrels per day in April, despite rising geopolitical tensions in the Middle East having a negative impact on logistics in the region.
price increase
In terms of prices, oil prices rose by more than $1 today as the US and Israel’s war against Iran disrupted production in the Middle East and halted exports from the region.
Brent crude rose $1.11, or 1.4%, to $82.53 per barrel yesterday, after hitting its highest close since January 2025.
West Texas Intermediate (WTI) crude rose 79 cents, or 1.1%, to $75.37 after hitting its highest settlement level since June of last year.
