Alexander Novak chaired a meeting of the group of eight OPEC+ countries
Deputy Prime Minister of Russia Alexander Novak, as co-chairman, chaired a meeting of the group of eight participating countries that adopted additional voluntary adjustments to oil production in April and November 2023.
The group of eight OPEC+ countries includes Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman.
The parties discussed the state and prospects of the global oil market. Taking into account the robust outlook for the global economy and current market indicators reflected in low oil inventories, they agreed to adjust production by 137 thousand barrels per day in December 2025. Gradual increases may be suspended or reversed depending on changing market conditions. This flexibility will allow the group to continue to support the stability of the oil market. Eight OPEC+ countries noted that this measure will enable participating countries to accelerate compensation of volumes.
After December 2025, taking into account seasonality, eight OPEC+ countries also decided to suspend production increases in January, February and March 2026.
The parties to the transaction confirmed their commitment to voluntary adjustments to oil production, agreed upon at the 53rd meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries on April 3, 2024, as well as their intention to fully compensate for any overproduction from January 2024.
The eight OPEC+ countries have agreed to meet monthly to review market conditions, compliance and compensation. The next meeting will take place on November 30, 2025.