Alexander Novak co-chairs meeting of eight OPEC+ countries
Russian Deputy Prime Minister Alexander Novak, in his role as co-chair, presided over a meeting of the eight OPEC+ countries committed to additional voluntary production adjustments announced in April and November 2023.
The group includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
During the meeting, the eight participating countries emphasised that the 1.65 million barrels per day (bpd) of voluntary adjustments could be returned to the market either partially or in full, depending on prevailing market conditions. They will continue to monitor the market situation closely. As part of their ongoing efforts to maintain market stability, the countries reaffirmed the importance of a cautious approach. They underscored their commitment to maintaining the flexibility to continue, suspend, or reverse the additional voluntary production adjustments. This includes the 2.2 million bpd in voluntary adjustments announced in November 2023.
Furthermore, the eight OPEC+ countries confirmed their decision of 2 November 2025 to suspend planned production increases for January, February, and March 2026, a measure attributed to seasonal demand patterns.
The participants reaffirmed their unwavering commitment to the Declaration of Cooperation. This includes full conformity with the agreed production levels, monitored by the Joint Ministerial Monitoring Committee (JMMC), and their firm intention to fully compensate for any production in excess of quotas since January 2024.
The eight OPEC+ countries have agreed to hold monthly meetings to review market conditions, assess compliance, and track the compensation process. The next meeting is scheduled for 4 January 2026.
