Alexander Novak co-chairs meeting of eight OPEC+ countries
Alexander Novak co-chairs meeting of eight OPEC+ countries
Alexander Novak co-chairs meeting of eight OPEC+ countries
Alexander Novak co-chairs meeting of eight OPEC+ countries
Deputy Prime Minister Alexander Novak co-chaired a meeting of the eight countries which previously announced additional voluntary adjustments of oil production in April and November 2023.
The group includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.
The parties discussed the current situation in the global oil market and its prospects and agreed on a production adjustment of 411 thousand barrels per day in June 2025 equivalent to three monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The eight countries reiterated their commitment to voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on 3 April 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The eight OPEC+ countries agreed to hold monthly meetings to review market conditions, conformity, and compensation. The next meeting is scheduled for 1 June to decide on July production levels.
