Alexander Novak co-chairs OPEC+ Group meeting
Alexander Novak co-chairs OPEC+ Group meeting
Alexander Novak co-chairs OPEC+ Group meeting
Alexander Novak co-chairs OPEC+ Group meeting
Deputy Prime Minister Alexander Novak co-chaired a meeting of the eight OPEC+ countries that had announced additional voluntarily oil production adjustments in April and November 2023.
The group comprises Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
The parties discussed the current state of the global oil market and its outlook and agreed to adjust oil production by 411,000 barrels per day in May 2025, equivalent to three monthly increments. The gradual increase can be put on hold or terminated depending on the changing market conditions. This flexibility will allow the group to maintain stability in the oil market. The eight OPEC+ countries also noted that the move will enable the participating countries to more speedily offset the volumes.
The eight countries reaffirmed their commitment to the voluntary production adjustments agreed at the 53rd meeting of OPEC + Joint Ministerial Monitoring Committee of 3 April 2024, as well as their intention to fully compensate any overproduced volume since January 2024 and to submit updated front-loaded compensation plans to the OPEC Secretariat by 15 April 2025.
The eight OPEC+ countries agreed to hold monthly meetings to discuss market conditions, conformity and compensation. The next meeting is scheduled for 5 May where a decision will be made on June 2025 oil production levels for the agreement participants.
The meeting of the eight countries was held on the eve of the 59th OPEC+ Joint Ministerial Monitoring Committee scheduled for 5 April via video conference.
