Alexander Novak takes part in OPEC + meeting
Alexander Novak takes part in OPEC + meeting
Alexander Novak takes part in OPEC + meeting
Russian Deputy Prime Minister Alexander Novak as a co-chair took part in a meeting of the OPEC + group consisting of eight member countries that voluntarily agreed to additionally adjust oil production volumes in April and November 2023.
The group includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
The sides discussed the current status of the oil market and its prospects. Heeding the global economy’s stable prospects and current market indicators (that are reflected in low oil reserves), they agreed to adjust daily oil production volumes by 137,000 barrels. The gradual oil production increase can be suspended or cancelled, depending on market fluctuations. This flexible attitude will allow the group to maintain a stable oil market. The eight OPEC + countries also noted that this measure would allow them to compensate for specific volumes more quickly.
The deal participants reaffirmed their commitment to voluntary oil production adjustments, as coordinated during the 53rd meeting of the OPEC + Joint Ministerial Monitoring Committee on 3 April 2024. They also reaffirmed their intention to completely compensate for over-production volumes from January 2024.
The eight OPEC + countries agreed to hold monthly meetings for reviewing market conditions, their conformity to specific policies and compensation measures. The next meeting is scheduled for 5 October, and its participants are to decide on oil production volumes for November 2025.
