Alexander Novak attends meeting of seven OPEC+ nations
Deputy Prime Minister Alexander Novak co-chaired a meeting of seven OPEC+ countries, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which previously announced additional voluntary adjustments in April and November 2023.
In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in September 2026.
The seven OPEC+ countries also noted that this measure would provide an opportunity for the participating countries to accelerate their compensation. They reaffirmed their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The seven OPEC+ countries will hold monthly meetings to review market conditions. The next meeting has been scheduled for 6 September 2026.
