Alexander Novak co-chairs 38th ministerial meeting and 57th session of the Joint Ministerial Monitoring Committee of OPEC and Non-OPEC countries
Deputy Prime Minister Alexander Novak co-chaired the 38th ministerial meeting and the 57th session of the Joint Ministerial Monitoring Committee of OPEC+ Countries via videoconference.
The parties to the agreement reaffirmed their commitment to the 10 December 2016 Declaration of Cooperation between OPEC Member Countries and 10 non-OPEC oil-producing countries, as well as the 2 July 2019 Charter for Cooperation between OPEC and non-cartel oil producers. They extended total current daily crude oil production volumes (39.725 million barrels) until the end of 2026. OPEC produces 24.135 million barrels daily, with non-cartel countries accounting for 15.59 million barrels per day.
The United Arab Emirates’ quota was increased by 300,000 barrels daily. Oil output will increase stage by stage, from April 2025 until late September 2026.
The Joint Ministerial Monitoring Committee, with the assistance of the OPEC Joint Technical Committee and Secretariat, will continue to work more actively on the global petroleum market, and will monitor compliance with oil production levels for the parties to the agreement in accordance with their respective quotas. Assessments will be based on average values from seven authorised secondary sources and in line with OPEC countries’ methodology.
The meeting participants reaffirmed the importance of completely honouring agreements under the OPEC+ deal and their commitment to compensation terms in the event of oil over-production, if ever there was one.
A deadline for assessing oil production levels using three independent sources has been extended until early November 2026. The data will be used as a reference point for determining oil production ceilings for 2027.
It was decided to hold ministerial meetings every six months, and joint meetings of the OPEC+ Joint Ministerial Monitoring Committee will take place every two months. The 39th Ministerial Meeting of OPEC and non-OPEC countries is scheduled for 28 May 2025. The 58th meeting of the Joint Ministerial Committee of OPEC+ Countries is to take place on 3 February 2025.
