Alexander Novak chairs 64th meeting of the OPEC+ Joint Ministerial Monitoring Committee and a meeting of eight OPEC+ countries
Alexander Novak chairs 64th meeting of the OPEC+ Joint Ministerial Monitoring Committee and a meeting of eight OPEC+ countries
Alexander Novak chairs 64th meeting of the OPEC+ Joint Ministerial Monitoring Committee and a meeting of eight OPEC+ countries
Deputy Prime Minister Alexander Novak co-chaired the 64th meeting of the OPEC+ Joint Ministerial Monitoring Committee and a meeting of the eight OPEC+ countries committed to additional voluntary production adjustments announced in April and November 2023.
Participants in the Joint Ministerial Monitoring Committee meeting discussed November and December 2025 crude oil production data, noting a high level of compliance with the Declaration of Cooperation by the involved OPEC and non-OPEC countries.
The meeting participants reaffirmed the importance of commitment to the OPEC+ deal and the importance of achieving full compliance with the oil production quotas and compensation.
The monitoring of compliance with the production adjustments adopted at the 38th OPEC and Non-OPEC Ministerial Meeting, as well as the additional voluntary production adjustments announced by the eight OPEC+ countries will continue.
During the meeting of the eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman, the participants stressed that 1.65 million barrels per day may be recovered in whole or in part depending on market fluctuations. The countries will continue to follow the developments closely. As part of the continuous efforts to maintain market stability, they reaffirmed the importance of taking a careful approach and exercising flexibility in order to further suspend or cancel the additional voluntary adjustments, including the earlier introduced voluntary adjustment of 2.2 million barrels per day announced in November 2023.
The eight OPEC+ countries confirmed their decision of 2 November 2025 to suspend increasing the production in March 2026 due to seasonal factors.
Next time, the eight OPEC+ countries will meet on 1 March 2026. The 65th Joint Ministerial Monitoring Committee meeting is scheduled for 5 April 2026.
