Using below code we can compress the image.
using (var image = Image.FromStream(sourcePath))
{
var newWidth = 500;
var newHeight = 250;
var thumbnailImg = new Bitmap(newWidth, newHeight);
var thumbGraph = Graphics.FromImage(thumbnailImg);
thumbGraph.CompositingQuality = CompositingQuality.HighQuality;
thumbGraph.SmoothingMode = SmoothingMode.HighQuality;
thumbGraph.InterpolationMode = InterpolationMode.HighQualityBicubic;
var imageRectangle = new Rectangle(0, 0, newWidth, newHeight);
thumbGraph.DrawImage(image, imageRectangle);
thumbnailImg.Save(targetPath, image.RawFormat);
}