Alexander Novak chairs 58th meeting of OPEC+ Joint Ministerial Monitoring Committee
Alexander Novak chairs 58th meeting of OPEC+ Joint Ministerial Monitoring Committee
Alexander Novak chairs 58th meeting of OPEC+ Joint Ministerial Monitoring Committee
Alexander Novak chairs 58th meeting of OPEC+ Joint Ministerial Monitoring Committee
Deputy Prime Minister Alexander Novak co-chaired, via videoconference, the 58th meeting of the OPEC+ Joint Ministerial Monitoring Committee.
The parties discussed crude oil production data for November and December 2024 and noted the high level of compliance by OPEC and non-OPEC countries participating in the Declaration of Cooperation. The countries expressed their commitment to the Declaration of Cooperation, which has been extended until the end of 2026.
Improved compliance and additional voluntary adjustments to oil production by the Republic of Kazakhstan and the Republic of Iraq were specially highlighted. Monitoring of the implementation of both mandatory and additional voluntary adjustments to production by all parties will continue. Additional voluntary oil production restrictions by a number of countries, adopted on December 5, 2024, ensured stability in the oil market.
Alexander Novak stressed that according to the schedule, several countries that committed to voluntary production restrictions in 2023 will begin to gradually increase oil production as of 1 April. This process will take eighteen months. The parties to the deal will also continue monitoring the market situation in order to act in a timely manner.
“The countries’ ministers emphasised their commitment to balancing the market and coordinating their actions within OPEC+. The deal will be in effect until the end of 2026 in the interest of both exporters and oil consumers, because it is important to maintain balance on the complex and capital-intensive oil market with long investment cycles. As a result, we can see investments and the balance of demand and supply restoring. These are the goals that the deal is pursuing,” Alexander Novak noted.
The participants agreed on new commitments for countries that exceeded their oil production levels between January 2024 and the end of February 2025 in order to compensate for their quotas until they fully comply with their quotas. The updated schedules are to be submitted to the OPEC Secretariat.
After a careful analysis by the OPEC Secretariat, the OPEC+ committee replaced Rystad Energy and the Energy Information Administration with Kpler, ESAI, and OilX as secondary sources used to estimate crude oil production and compliance by the countries participating in the Declaration of Cooperation, starting 1 February 2025.
The meeting participants reaffirmed the importance of full compliance with the OPEC+ deal.
The next, 59th meeting of the OPEC+ Joint Ministerial Monitoring Committee is scheduled for 5 April.
