Deputy Prime Minister Alexander Novak, in his capacity as co-chairman, held the 36th ministerial meeting of the OPEC and non-OPEC countries via videoconference.
The OPEC+ countries reaffirmed their previous agreements, including Saudi Arabia's continuation of its voluntary oil production cut of 1 million bpd.
"Russia will increase the voluntary reduction of exports to external markets, which previously totalled 300,000 barrels of oil. It has been decided to increase this reduction to 500,000 bpd for the first quarter of 2024. A number of other countries also announced that they would reduce their production voluntarily by another 700,000 bpd. These measures will help pass through the winter period of low demand, ensure stability in the oil markets and balance supply and demand," Alexander Novak said. He added that Russia, Saudi Arabia and other countries in the agreement, which assumed obligations on the voluntary reduction of oil production, have fulfilled their OPEC+ agreements in full.
In the future, to maintain market stability, additional cuts will gradually be returned to the market at a pace that depends on market conditions. The participants in the deal will monitor the situation on a monthly basis.
Those at the meeting welcomed the decision of the Republic of Brazil to join the OPEC+ Charter of Cooperation as the 24th member country starting in January.
The next, 37th OPEC+ Ministerial Meeting will take place on June 1, 2024, in Vienna.