Overview
- UAE, Iraq, Kazakhstan, and Oman submitted updated compensation plans totaling 829,000 barrels per day by June, roughly triple their December level of 267,000 bpd.
- Kazakhstan accounts for the largest share with 669,000 bpd of cuts by midyear, with Iraq holding at 100,000 bpd, the UAE rising to about 55,000 bpd, and Oman averaging about 5,700 bpd.
- The pledges follow an OPEC+ decision to keep about 2.9 million bpd of voluntary cuts off the market through the first half of 2026.
- Price reaction was muted, with Brent at $60.77 a barrel (up 0.12%) and WTI at $57.03 (down 0.16%) as reported Wednesday.
- Monitoring will continue alongside geopolitical shifts that include Venezuela-related developments and a reported U.S. plan to sell 30–50 million barrels of sanctioned Venezuelan crude, with a policy review set for Feb. 1.