OIL
OPEC has released its updated compensation plan for members who overproduced relative to their quotas.
- The reductions pledged by countries including Kazakhstan, Iraq and Russia should offset the group’s plans to revive halted output through to the end of next year, Bloomberg said.
- However, the overproducing countries have failed to meet previous efforts to curb output, especially the case for Kazakhstan and Iraq.
- While Kazakhstan has pledged to rein in output, CPC flows are set for near-record levels next month
78 words