the Organization of the Petroleum Exporting Countries (OPEC) announced today that it has received official plans from eight member states outlining mechanisms to offset oil production that exceeded agreed quotas in recent months. The move comes as part of a collective commitment to output cuts aimed at stabilizing global oil markets.

In an official statement, the OPEC Secretariat confirmed that the eight countries submitted clear timelines to gradually reduce production in the coming months, compensating for previous overproduction, in line with the latest OPEC+ decisions.

While the organization did not disclose the names of the countries involved, it noted that technical teams will monitor the implementation of the plans to ensure full compliance, emphasizing the importance of “cooperation and transparency” in maintaining market balance.

The announcement comes just days ahead of a scheduled meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), which will assess member compliance and review production strategies amid ongoing economic challenges and fluctuating global oil demand.