Alexander Novak chairs 65th meeting of the Joint Ministerial Monitoring Committee of OPEC+
Alexander Novak chairs 65th meeting of the Joint Ministerial Monitoring Committee of OPEC+
Alexander Novak chairs 65th meeting of the Joint Ministerial Monitoring Committee of OPEC+
Deputy Prime Minister Alexander Novak co-chaired the 65th meeting of the Joint Ministerial Monitoring Committee of OPEC+ via videoconference
The Committee analysed the current situation in the oil market and underscored the crucial role of the Declaration of Cooperation in supporting the stability of global energy markets, stressing the importance of protecting international sea routes to ensure an uninterrupted supply of energy resources.
The Committee expressed concern over the attacks on energy infrastructure, noting that the restoration of the damaged energy facilities to full capacity would require considerable funds and time, which affects the overall availability of supplies. The Committee emphasised that any actions undermining the security of energy supplies, including attacks on infrastructure or disruption of international maritime routes increase the market volatility and hinder the collective efforts under the Declaration of Cooperation to support market stability for producers, consumers, and the global economy.
The Committee expressed their appreciation of the initiative of the countries party to the Declaration to ensure supply continuity, including through alternative export routes, which helps to mitigate market volatility.
The Committee will continue to closely monitor the market situation and reserves the right to convene additional meetings or request a ministerial meeting of OPEC and Non-OPEC countries, as established at the 38th meeting on December 5, 2024.
The next, 66th meeting of the Joint Ministerial Monitoring Committee, is scheduled for June 7, 2026.
