Alexander Novak attends OPEC+ Group meeting
Alexander Novak attends OPEC+ Group meeting
Alexander Novak attends OPEC+ Group meeting
Alexander Novak attends OPEC+ Group meeting
Deputy Prime Minister Alexander Novak co-chaired a meeting of the eight OPEC+ countries that had made 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, given the stable prospects of the world economy and current market indexes revealed in the low oil reserves, agreed to adjust oil production by 548,000 barrels per day in August 2025. The gradual increase can be put on hold or terminated depending on the market fluctuations. 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 parties 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.
The eight OPEC+ countries agreed to hold monthly meetings to discuss market conditions, conformity and compensation. The next meeting is scheduled for 3 August, where a decision will be made on September 2025 oil production levels for the agreement participants.
