Alexander Novak held the 59th meeting of the joint ministerial monitoring committee of OPEC countries+
Deputy Chairman of the Government of Russia Alexander Novak, as a co-chairman, held the 59th meeting of the joint ministerial monitoring committee of OPEC countries+ in a video conference mode.
The parties considered the data on raw oil production in January and February 2025 and noted a high level of compliance with obligations by OPEC and non-muddy countries participating in the cooperation declaration.
The joint ministerial monitoring committee praised the additional voluntary adjustments to the production of eight OPEC countries+ in support of the stability of the market, which were announced in April and November 2023. He also welcomed the decision of eight OPECs+ on April 3, 2025 on the adjustment of production in May 2025 for 411 thousand barrels per day, which is equivalent to three monthly increase.
The meeting participants confirmed the importance of full compliance with the agreements within the framework of the OPEC+transaction, as well as the achievement of complete compliance with quotas and oil production compliance. The participants of the transaction noted by the committee of the country who allowed the production in excess of the standards established for them, by April 15, 2025, the OPEC Secretariat Updated compensation plans with a leading schedule.
Monitoring of compliance with production adjustments, approved at meetings in February and December 2024, will continue.
The joint ministerial monitoring committee retains the right to convene additional meetings or request a ministerial meeting of OPEC and non-Opk, as established during the 38th ministerial meeting held on December 5, 2024.
The next, 60th meeting of the joint ministerial monitoring committee is scheduled for May 28.