Translartion. Region: Russians Fedetion –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Alexander Novak chaired the 59th meeting of the Joint Ministerial Monitoring Committee of OPEC countries
Deputy Prime Minister of the Russian Federation Alexander Novak, as co-chairman, held the 59th meeting of the Joint Ministerial Monitoring Committee of OPEC countries via videoconference.
The parties reviewed crude oil production data for January and February 2025 and noted the high level of compliance by OPEC and non-OPEC countries participating in the Declaration of Cooperation.
The Joint Ministerial Monitoring Committee commended the additional voluntary production adjustments by the OPEC Group of Eight countries in support of market stability announced in April and November 2023. It also welcomed the decision by OPEC Eight countries, announced on 3 April 2025, to adjust production in May 2025 by 411,000 barrels per day, equivalent to three monthly increases.
The meeting participants confirmed the importance of full compliance with the OPEC deal, as well as achieving full compliance with quotas and compensation for oil production. The countries participating in the deal, noted by the committee, which allowed production in excess of the standards established for them, must provide the OPEC Secretariat with updated compensation plans with an advanced schedule by April 15, 2025.
Monitoring of compliance with the production adjustments approved at the February and December 2024 meetings will continue.
The Joint Ministerial Monitoring Committee reserves the right to convene additional meetings or request a ministerial meeting of OPEC and non-OPEC members, as agreed at the 38th Ministerial Meeting held on 5 December 2024.
The next, 60th meeting of the Joint Ministerial Monitoring Committee is scheduled for May 28.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.