Translation. Region: Russian Federal
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Alexander Novak chaired the 39th OPEC and non-OPEC Ministerial Meeting and the 60th OPEC Joint Ministerial Monitoring Committee meeting
Alexander Novak chaired the 39th OPEC and non-OPEC Ministerial Meeting and the 60th OPEC Joint Ministerial Monitoring Committee meeting
Alexander Novak chaired the 39th OPEC and non-OPEC Ministerial Meeting and the 60th OPEC Joint Ministerial Monitoring Committee meeting
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Alexander Novak chaired the 39th OPEC and non-OPEC Ministerial Meeting and the 60th OPEC Joint Ministerial Monitoring Committee meeting
Deputy Prime Minister Alexander Novak, as co-chairman, held the 39th ministerial meeting of OPEC and non-OPEC countries, as well as the 60th meeting of the Joint Ministerial Monitoring Committee of OPEC countries via videoconference.
The parties to the deal confirmed their commitment to follow the Declaration of Cooperation signed on December 10, 2016. They confirmed the agreements agreed upon at the 38th Ministerial Meeting of the countries participating in the deal on December 5, 2024, on the overall level of crude oil production until the end of 2026.
The Joint Ministerial Monitoring Committee, assisted by the OPEC Secretariat, will continue to review global oil market conditions and the compliance levels of oil production by the parties to the deal with their agreed quota. The Joint Ministerial Monitoring Committee will meet every two months.
The Joint Ministerial Monitoring Committee reserves the right to call additional meetings or request a ministerial meeting of OPEC and non-OPEC members if necessary.
The meeting participants confirmed the importance of full compliance with the agreements within the framework of the OPEC deal and commitment to the conditions for compensating for oil overproduction should it occur.
Following the meeting, the OPEC Secretariat was tasked with developing a mechanism for assessing the maximum sustainable production capacities of countries participating in the deal, which will be used as a reference for determining oil production levels in 2027 for all countries participating in the agreement.
The 40th OPEC and non-OPEC Ministerial Meeting will take place on November 30, 2025.
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