Alexander Novak attends meeting of seven OPEC+ countries
Deputy Prime Minister Alexander Novak co-chaired a meeting of the seven OPEC+ countries that had previously announced additional voluntary production adjustments in April and November 2023.
The group includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
As part of their commitment to supporting oil market stability, the seven countries agreed to adjust production in July 2026 by 188,000 barrels per day, relative to the additional voluntary adjustments announced in April 2023. These adjustments may be gradually rolled back, either partially or in full, depending on evolving market conditions.
The countries will continue to monitor the situation closely. As part of their ongoing efforts to maintain market stability, they reaffirmed the importance of a cautious approach and the need for flexibility to continue, suspend or reverse additional voluntary production adjustments, including those announced in November 2023.
The seven OPEC+ countries also noted that this measure would give participants the opportunity to accelerate compensation. They reaffirmed their shared commitment to achieving full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee. They also reaffirmed their intention to fully compensate for any excess production since January 2024. The compensation period will be extended through the end of December 2026.
The seven OPEC+ countries agreed to hold monthly meetings to review market conditions, compliance and compensation. The next meeting will be held on 5 July 2026.
