Alexander Novak chairs 39th ministerial meeting of OPEC and Non-OPEC countries and 60th session of the Joint Ministerial Monitoring Committee of OPEC+
Alexander Novak chairs 39th ministerial meeting of OPEC and Non-OPEC countries and 60th session of the Joint Ministerial Monitoring Committee of OPEC+
Alexander Novak chairs 39th ministerial meeting of OPEC and Non-OPEC countries and 60th session of the Joint Ministerial Monitoring Committee of OPEC+
Alexander Novak chairs 39th ministerial meeting of OPEC and Non-OPEC countries and 60th session of the Joint Ministerial Monitoring Committee of OPEC+
Deputy Prime Minister Alexander Novak co-chaired the 39th Ministerial Meeting of OPEC and non-OPEC countries, as well as the 60th meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries via videoconference.
The parties to the deal reaffirmed their commitment to follow the Declaration of Cooperation signed on December 10, 2016. They reaffirmed the arrangements agreed at the 38th Ministerial Meeting of the countries that are parties to the deal on December 5, 2024, on the overall level of crude oil production until the end of 2026.
The Joint Ministerial Monitoring Committee, assisted by the OPEC Secretariat, will continue to analyse conditions in the world petroleum market as well as the compliance levels of oil production of the parties to the deal on the basis of their agreed quota. Meetings of the Joint Ministerial Monitoring Committee will be held every two months.
The Joint Ministerial Monitoring Committee reserves the right to convene additional meetings or request a ministerial meeting between OPEC and non-OPEC if necessary.
The meeting participants reaffirmed the importance of full compliance with the OPEC+ deal and commitment to the conditions for offsetting oil overproduction should it occur.
As a result of the meeting, the OPEC Secretariat was instructed to develop a mechanism to estimate the maximum sustainable production capacity of the countries participating in the deal, which will be used as a reference for determining oil production levels in 2027 for all countries participating in the agreement.
The 40th ministerial meeting of OPEC and non-OPEC countries will be held on November 30, 2025.
