The Organization of the Petroleum Exporting Countries secretariat on Wednesday announced it has received updated compensation plans from Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan and Oman.

The schedule received from the six members covered the period from last month until June of next year to make up for producing above their targets.

An online meeting of the Joint Ministerial Monitoring Committee, which includes top ministers from OPEC and allies led by Russia, took place earlier in the day, at which the need for achieving full compliance with oil output agreements and extra output cuts was stressed.

The majority of the compensation cuts need to be delivered by Kazakhstan, followed by Iraq, the UAE and Russia.
Source: Reuters (Reporting by Anjana Anil in Bengaluru; Editing by Chris Reese and Matthew Lewis)