*

New schedule for 7 members to make compensation output

cuts

*

Plan represents monthly cuts of between 189,000 and

435,000 bpd

*

Cuts scheduled to last until June 2026

(Adds details in paragraphs 3-9)

By Alex Lawler and Ahmad Ghaddar

LONDON, March 20 (Reuters) - OPEC+ on Thursday issued a

new schedule for seven member nations to make further oil output

cuts to compensate for pumping above agreed levels, which will

more than overtake the monthly production hikes the group plans

to introduce next month.

The plan will represent monthly cuts of between 189,000

barrels per day and 435,000 bpd, according to a table on OPEC's

web site. The scheduled cuts last until June 2026.

OPEC+, which includes OPEC plus Russia and other allies, has

been cutting output by 5.85 million bpd, equal to about 5.7% of

global supply, agreed in a series of steps since 2022 to support

the market.

On March 3, it confirmed that eight of its members including

Russia, Saudi Arabia, UAE, Kuwait, Oman, Algeria, Kazakhstan and

Iraq would proceed with a monthly increase of 138,000 bpd from

April, citing healthier market fundamentals.

But sources told Reuters that recent, hefty overproduction

from Kazakhstan angered other members and was one of the

deciding factors that ultimately led the group to proceed with

the hike.

Under the revised plan, Iraq will make the bulk of the

contribution to the compensation cuts followed by Kazakhstan and

Russia.

The plan also sees Saudi Arabia, one of the main stalwarts

of adhering to the OPEC+ deal, making small compensation cuts of

6,000 to 15,000 bpd over a period of three months.

Kazakhstan has been producing at a record high as U.S. oil

major Chevron ( CVX ) expands output at the largest Kazakh

oilfield, Tengiz.

Recent OPEC data showed that Kazakhstan produced 1.767

million bpd of crude in February, up from 1.570 million bpd in

January, compared with an OPEC+ quota of 1.468 million bpd.

(Editing by Kirsten Donovan and Mark Potter)