Alexander Novak took part in a meeting of a group of eight OPEC countries+
Alexander Novak took part in a meeting of a group of eight OPEC countries+
Alexander Novak took part in a meeting of a group of eight OPEC countries+
Alexander Novak took part in a meeting of a group of eight OPEC countries+
The deputy chairman of the Russian Government, Alexander Novak, as a co-chairman, took part in a meeting of a group of eight member countries, who accepted additional voluntary adjustments to oil production in April and November 2023.
The group of eight includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
The parties discussed the state and prospects of the global oil market. Taking into account the sustainable prospects of the global economy and current market indicators reflected in low oil reserves, they agreed to make 548 thousand barrels per day in August 2025. A gradual increase can be suspended or canceled depending on changing market conditions. Such flexibility will allow the group to continue maintaining the stability of the oil market. Eight OPEC+ countries also noted that this measure will enable the participating countries to speed up compensation for volume.
Participants in the transaction confirmed their commitment to voluntary adjustments to oil production, agreed at the 53rd meeting of the joint ministerial ministerial committee of the OPEC countries+ on April 3, 2024, as well as the intention to fully compensate for any overproduced volume since January 2024.
Eight OPEC+ countries agreed to hold monthly meetings to consider market conditions, compliance and compensation. The next meeting will be held on August 3, it will decide on the level of oil production participants in September 2025.