Translartion. Region: Russians Fedetion –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
April 3, 2025
Alexander Novak chaired a meeting of the Group of Eight OPEC countries
Deputy Prime Minister Alexander Novak, as co-chairman, chaired a meeting of the Group of 8 participating countries that adopted additional voluntary adjustments to oil production in April and November 2023.
The Group of 8 includes Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman.
The parties discussed the state and prospects of the global oil market and agreed to adjust production by 411,000 barrels per day in May 2025, which corresponds to three monthly increases. The gradual increase can be suspended or cancelled depending on changing market conditions. Such flexibility will allow the group to continue to maintain stability in the oil market. The eight OPEC countries also noted that this measure will allow participating countries to speed up compensation payments.
The eight countries reaffirmed their commitment to the voluntary oil production adjustments agreed at the 53rd meeting of the OPEC Joint Ministerial Monitoring Committee on 3 April 2024, as well as their intention to fully offset any overproduction from January 2024 and to submit updated offset plans to the OPEC Secretariat by 15 April 2025.
The eight OPEC countries have agreed to meet monthly to review market conditions, compliance and compensation. The next meeting will be held on May 5 to decide on the level of oil production by the members in June 2025.
The meeting of the eight countries took place ahead of the 59th meeting of the Joint Ministerial Monitoring Committee of OPEC countries, which is scheduled for April 5 via videoconference.
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