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The Organization of the Petroleum Exporting Countries (OPEC) announced Wednesday that it has received updated oil output compensation plans from eight member states that recently surpassed their voluntary production limits under the OPEC+ agreement.
The countries submitting revised plans include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
These nations are working to align with the group’s production targets after exceeding their agreed-upon quotas, in a move aimed at maintaining balance in global oil markets.