Alexander Novak attends a meeting of eight OPEC+ countries
Alexander Novak attends a meeting of eight OPEC+ countries
Alexander Novak attends a meeting of eight OPEC+ countries
Deputy Prime Minister Alexander Novak co-chaired a meeting of eight OPEC+ countries that volunteered for additional oil production cuts in April and November 2023.
The group includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.
True to their commitments to maintain oil market stability, the Group of Eight has decided to adjust production in May 2026 by 206,000 barrels per day out of the voluntary extra adjustment of 1.65mln barrels per day announced in April 2023. The 1.65mln barrels per day may be brought back partially or in full depending on changes in the market conditions, and stage-by-stage.
The eight countries continue to follow the situation closely. As part of their continuous efforts to maintain market stability, they have reaffirmed the importance of a cautious approach to and flexibility in sustaining, suspending or cancelling the additional self-imposed production adjustments, including the earlier voluntary adjustments to the amount of 2.2mln barrels per day, announced in November 2023.
The OPEC+ Eight members also noted that this measure would enable the member countries to accelerate compensation. They have reaffirmed their common commitment to reach full conformity with the Declaration on Cooperation, including additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They have confirmed their intention to compensate any excessive volume of output since January 2024.
The OPEC+ Eight members have also seconded the Committee’s statement at its 65th meeting, underscoring the critical importance of protecting international sea routes to ensure a steady flow of energy.
The Committee analysed the current oil market situation and stressed the crucial role of the Declaration on Cooperation in maintaining stability of international energy markets, noting in particular the critical importance of protecting international sea routes to provide uninterrupted energy supplies.
It also expressed concern with attacks on energy infrastructure, stating that the restoration of damaged energy facilities to full capacity required considerable expenditures of time and money, something that affected general availability of supplies. It stressed that any actions undermining energy supply safety, including attacks on infrastructure or disruption of international sea routes, tended to increase market volatility and slow down collective efforts to maintain market stability in the interests of producers, consumers and the global economy under the Declaration on Cooperation.
In this connection, the OPEC+ Eight praised the initiative by the Declaration on Cooperation countries to ensure steady supplies, particularly by using alternative export routes, something that helped to reduce market volatility.
The OPEC+ Eight have agreed to hold monthly meetings to analyse market conditions, conformities and compensations. The next meeting will take place on 3 May 2026.
