Alexander Novak at a meeting of eight OPEC+ countries
Meeting of eight OPEC+ countries
Alexander Novak takes part in a meeting of eight OPEC+ countries
Alexander Novak at a meeting of eight OPEC+ countries
Deputy Prime Minister Alexander Novak co-chaired a meeting of the eight OPEC+ countries which announced additional voluntary production adjustments in April and November 2023. The group includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
The participants discussed the global oil market’s current state and future. In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day in November 2025. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to ensure that the oil market remains stable moving forward. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
The deal participants reaffirmed their commitment to the voluntary production adjustments that were agreed by the OPEC+ Joint Ministerial Monitoring Committee (JMMC) during its 53rd meeting 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 2 November 2025 to determine oil production levels for December 2025.
