OPEC released a compensation schedule from six of its members covering the period from last month and until June next year to make up for producing above their targets.
The schedule indicates that in total the members need to deliver monthly cuts ranging from 190,000 barrels per day to 829,000 bpd to comply with output targets.
The data shows that Saudi Arabia and Algeria were the only two countries not required to deliver compensation cuts.
The group of eight producers agreed to raise production targets by 137,000 bpd for October, thus beginning to unwind a layer of 1.65 million bpd in cuts ahead of schedule. This comes after the group raised output targets by 2.5 million bpd between April and September.
The bulk of the compensation cuts need to be delivered by Kazakhstan, which has consistently produced above its target, followed by Iraq, Russia and the UAE.
