Alexander Novak co-chairs 37th OPEC and non-OPEC Ministerial Meeting
Alexander Novak co-chairs 37th OPEC and non-OPEC Ministerial Meeting
Alexander Novak co-chairs 37th OPEC and non-OPEC Ministerial Meeting
Deputy Prime Minister Alexander Novak co-chaired the 37th OPEC and non-OPEC Ministerial Meeting and the 54th Meeting of the Joint Ministerial Monitoring Committee, via videoconference.
The ministers from countries that agreed to voluntary cut oil production participated in the committee’s online meetings and a full-format OPEC+ meeting while in Riyadh, the capital of Saudi Arabia. These countries include Algeria, Iraq, Saudi Arabia, Kuwait, the UAE, Kazakhstan, Russia, and Oman.
OPEC+ participants agreed to extend the level of overall crude oil production as per the target set for 2024 through the entirety of 2025. Additionally, they decided to gradually and partially restore voluntary production cuts beginning in October 2024.
The meeting participants agreed to the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels.
It was decided that ministerial meetings will be held every six months, while joint meetings of the OPEC+ Joint Ministerial Monitoring Committee will occur every two months. The 38th Ministerial Meeting of OPEC and non-OPEC countries is scheduled for 1 December 2024.
