Alexander Novak chairs the 61st meeting of the Joint Ministerial Monitoring Committee of OPEC+ member countries
Alexander Novak chairs the 61st meeting of the Joint Ministerial Monitoring Committee of OPEC+ member countries
Alexander Novak chairs the 61st meeting of the Joint Ministerial Monitoring Committee of OPEC+ member countries
Deputy Prime
Minister Alexander Novak, in his capacity as co-chair, chaired the 61st meeting
of the OPEC+ Joint Ministerial Monitoring Committee via videoconference.
During the meeting, participants reviewed crude oil production data for May and June 2025 and acknowledged the strong compliance with commitments by both OPEC
and non-OPEC countries under the Declaration of Cooperation.
The participants reaffirmed the importance of upholding the agreements outlined in the OPEC+ deal, emphasising the need for full compliance with production quotas and compensation requirements. Countries that exceeded their allocated production levels are required to submit revised compensation plans to the OPEC Secretariat by 18 August 2025.
The Joint Ministerial Monitoring Committee retains the right to convene additional sessions or call for a ministerial meeting of OPEC and non-OPEC countries, in line with the decision made at the 38th ministerial meeting on 5 December 2024.
Monitoring efforts will continue to ensure adherence to the production adjustments agreed upon at the 38th ministerial meeting of OPEC and non-OPEC countries, as well as the additional voluntary production cuts announced by the OPEC+ G8 countries.
The 62nd meeting of the Joint Ministerial Monitoring Committee is scheduled to take place on 1 October.
