Translation. Region: Russian Federation –
Source: Government of the Russian Federation – Government of the Russian Federation –
An important disclaimer is at the bottom of this article.
Alexander Novak chaired a meeting of the OPEC Group of Eight countries.
Deputy Prime Minister of Russia Alexander Novak, as co-chairman, chaired a meeting of the Group of Eight countries that have adopted additional voluntary adjustments to oil production in April and November 2023.
The OPEC Group of Eight countries includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
The parties discussed the state and prospects of the global oil market. Taking into account the stable global economic outlook and current market indicators, reflected in low oil inventories, they agreed to adjust production by 137,000 barrels per day in December 2025. This gradual increase may be suspended or reversed depending on changing market conditions. This flexibility will allow the group to continue to maintain oil market stability. The eight OPEC countries noted that this measure will enable member countries to expedite the compensation of lost volumes.
After December 2025, taking seasonality into account, eight OPEC countries also decided to suspend production increases in January, February and March 2026.
The parties to the deal confirmed their commitment to the voluntary adjustments to oil production agreed upon at the 53rd meeting of the OPEC Joint Ministerial Monitoring Committee on April 3, 2024, and their intention to fully offset any excess production from January 2024.
Eight OPEC countries have agreed to hold monthly meetings to review market conditions, compliance, and compensation. The next meeting will be held on November 30, 2025.
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