Translation. Region: Russian Federation –
Source: Government of the Russian Federation – Government of the Russian Federation –
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Alexander Novak chaired the 63rd meeting of the Joint Ministerial Monitoring Committee of OPEC countries and the 40th ministerial meeting
Alexander Novak chaired the 63rd meeting of the Joint Ministerial Monitoring Committee of OPEC countries and the 40th ministerial meeting
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Alexander Novak chaired the 63rd meeting of the Joint Ministerial Monitoring Committee of OPEC countries and the 40th ministerial meeting
Deputy Prime Minister of Russia Alexander Novak, as co-chairman, chaired the 63rd meeting of the OPEC Joint Ministerial Monitoring Committee, as well as the 40th ministerial meeting of OPEC and non-OPEC countries.
In light of the continued commitment of OPEC and non-OPEC countries to the Declaration on Cooperation in Achieving and Maintaining Stability in the Oil Market, the participating countries have decided:
To confirm the framework of the Declaration of Cooperation signed on 10 December 2016 and approved at subsequent meetings.
To confirm the level of total crude oil production by OPEC and non-OPEC countries within the framework of the Declaration of Cooperation agreed at the 38th OPEC and non-OPEC Ministerial Meeting by 31 December 2026.
Confirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to thoroughly analyze the global oil market situation, oil production levels, and compliance with the Declaration of Cooperation, with the assistance of the OPEC Secretariat. The JMMC will meet every two months.
Confirm the authority of the Joint Ministerial Monitoring Committee to hold additional meetings or request the convening of a ministerial meeting of OPEC and non-OPEC countries at any time to review market conditions when deemed necessary.
Confirm the critical importance of maintaining full compliance and compensation mechanisms.
In connection with the decision of the 39th Conference of Petroleum Ministers, which instructed the OPEC Secretariat to develop a mechanism for assessing the maximum sustainable production potential of member countries, which will be used as a guideline for baseline production levels for 2027 for all countries that have signed the Cooperation Agreement, the member countries approved the mechanism developed by the Secretariat.
Reaffirm the framework of the Cooperation Charter signed on July 2, 2019, and instruct the OPEC Secretariat to develop a plan and translate it into programs to achieve all of the Charter's objectives as originally envisaged. Present the results at the 41st OPEC and non-OPEC Ministerial Meeting.
Hold the 41st OPEC and non-OPEC Ministerial Meeting on June 7, 2026.
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