Alexander Novak attends OPEC+ Group meeting
Alexander Novak attends OPEC+ Group meeting
Alexander Novak attends OPEC+ Group meeting
Deputy Prime Minister Alexander Novak co-chaired a meeting of the eight OPEC+ countries that had made additional voluntarily oil production adjustments in April and November 2023.
The group comprises Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
Given the stable prospects of the world economy and current healthy market indexes revealed in the low oil reserves, the eight member countries agreed to resume the phasing out of additional voluntary production cuts of 1.65 million barrels per day announced in April 2023, and agreed to adjust production by 206,000 barrels per day. This adjustment will be implemented in April 2026. The eight participating countries emphasised that the 1.65 million barrels per day could be restored in part or in full, depending on changing market conditions. The countries continue to closely monitor the situation. In their ongoing efforts to support market stability, they reaffirmed the importance of a cautious approach and preservation of flexibility for continuing, suspending or cancelling additional voluntary adjustments of production, including earlier voluntary adjustments in the amount of 2.2 million barrels per day announced in November 2023.
The parties to the deal reaffirmed their collective commitment to achieving full compliance with the Declaration on Cooperation, including additional voluntary production adjustments to be controlled by the Joint Ministerial Monitoring Committee as well as their intention to fully compensate any overproduced volume since January 2024.
The eight OPEC+ countries agreed to hold monthly meetings to discuss market conditions, conformity and compensation. The next meeting is scheduled for 5April 2026.
