Alexander Novak chairs the 63rd meeting of the OPEC+ Joint Ministerial Monitoring Committee and the 40th OPEC and non-OPEC Ministerial Meeting
Alexander Novak chairs the 63rd meeting of the OPEC+ Joint Ministerial Monitoring Committee and the 40th OPEC and non-OPEC Ministerial Meeting
Alexander Novak chairs the 63rd meeting of the OPEC+ Joint Ministerial Monitoring Committee and the 40th OPEC and non-OPEC Ministerial Meeting
Deputy Prime Minister Alexander Novak co-chaired the 63rd meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) and the 40th OPEC and non-OPEC Ministerial Meeting.
In view of the unwavering commitment of the OPEC and non-OPEC countries to the Declaration of Cooperation, as well as to achieving and maintaining stability in the oil market, the participating countries have issued the following decisions:
To reaffirm the boundaries of the Declaration of Cooperation signed on 10 December 2016 and approved at the subsequent meetings.
To reaffirm the level of the overall crude oil production by the OPEC and non-OPEC countries under the Declaration of Cooperation, approved at the 38th OPEC and non-OPEC Ministerial Meeting, until 31 December 2026.
To confirm the JMMC mandate to conduct a comprehensive analysis of the current situation in the global oil market, oil production levels and the compliance with the Declaration of Cooperation, facilitated by the OPEC Secretariat. The JMMC meetings will be held once every two months.
To confirm the JMMC authority to hold additional meetings or to request an OPEC and non-OPEC Ministerial Meeting at any moment, to review the situation in the market when it is deemed necessary.
To reaffirm the critical importance of compliance and compensation plans.
In view of the decision by the 39th Oil Ministers’ Conference that instructed the OPEC Secretariat to develop a mechanism for evaluating maximum steady production potential of the participating countries to be used as a guideline for the 2027 basic production levels for all the countries that signed the Cooperation Agreement, the countries have approved the mechanism developed by the Secretariat.
To reaffirm the scope of the Cooperation Charter signed on 2 July 2019 and instruct the OPEC Secretariat to develop a plan and transform it into programmes for achieving all Charter goals as initially stipulated. The results are to be presented at the 41st OPEC and non-OPEC Ministerial Meeting.
To hold the 41st OPEC and non-OPEC Ministerial Meeting on 7 June 2026.
