Alexander Novak co-chairs the 41st OPEC and non-OPEC Ministerial Meeting
Deputy Prime Minister Alexander Novak co-chaired the 41st OPEC and non-OPEC Ministerial Meeting.
Reaffirming the continued commitment of OPEC and non-OPEC participating countries under the Declaration of Cooperation (DoC) to achieve and maintain a stable oil market, the member countries agreed on the following:
– To reaffirm the framework of the Declaration of Cooperation, originally signed on 10 December 2016 and subsequently endorsed at later meetings.
– To confirm that the overall crude oil production level for OPEC and non-OPEC DoC participants remains as agreed at the 38th OPEC and non-OPEC Ministerial Meeting, applicable until 31 December 2026.
– To uphold the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely monitor global oil market conditions, production levels, and compliance with the DoC, with support from the Secretariat. The JMMC will convene every two months.
– To affirm the JMMC’s authority to hold additional meetings or request an OPEC and non-OPEC Ministerial Meeting at any time should market developments require it.
– To restate the fundamental importance of full conformity and adherence to the compensation mechanism.
– To confirm the importance of completing the maximum sustainable production capacity (MSC) assessment for all DoC countries, which will serve as the reference for 2027 production baselines.
– To endorse the plan developed by the OPEC Secretariat to advance the objectives of the Charter of Cooperation (CoC), signed on 2 July 2019.
– To schedule the 42nd OPEC and non-OPEC Ministerial Meeting for 29 November 2026.
