Alexander Novak Co -Presidents Meeting from eight OPEC+ countries
Alexander Novak Co -Presidents Meeting from eight OPEC+ countries
Alexander Novak Co -Presidents Meeting from eight OPEC+ countries
Alexander Novak Co -Presidents Meeting from eight OPEC+ countries
Vice -Prime Minister Alexander Novak co -charted a meeting of the eight countries that previously announced additional voluntary adjustments of oil production in April and November 2023.
The group includes Saudi Arabia, Russia, Iraq, the EAU, Kuwait, Kazakhstan, Algeria and Oman.
The parties discussed the current situation in the world oil market and their prospects and agreed a production adjustment of 411 thousand barrels per day in June 2025 equivalent to three monthly increases. Gradual increases can stop or revert subject to evolutionary market conditions. This flexibility will allow the group to continue supporting the stability of the oil market. The eight OPEC countries also indicated that this measure will provide an opportunity for participating countries to accelerate their compensation.
The eight countries reiterated their commitment to the voluntary production adjustments that agreed to be monitored by the duration of JMMC at their 53rd meeting held on April 3, 2024. They also confirmed their from section 2024.
The eight OPEC+ countries agreed to hold monthly meetings to review market conditions, compliance and compensation. The next meeting is scheduled for June 1 to decide on July production levels.
