Translation. Region: Russian Federation –
Source: Government of the Russian Federation – Government of the Russian Federation –
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Alexander Novak chaired the 64th meeting of the Joint Ministerial Monitoring Committee and the OPEC Group of Eight meeting.
Alexander Novak chaired the 64th meeting of the Joint Ministerial Monitoring Committee and the meeting of the OPEC Group of Eight countries.
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Alexander Novak chaired the 64th meeting of the Joint Ministerial Monitoring Committee and the meeting of the OPEC Group of Eight countries.
Deputy Prime Minister Alexander Novak, as co-chairman, chaired the 64th meeting of the Joint Ministerial Monitoring Committee, as well as a meeting of the Group of Eight OPEC member countries that adopted additional voluntary adjustments to oil production in April and November 2023.
At the Joint Ministerial Monitoring Committee, the parties reviewed crude oil production data for November and December 2025 and noted the high level of compliance by OPEC and non-OPEC countries participating in the Declaration of Cooperation.
The meeting participants confirmed the importance of adhering to the agreements within the OPEC deal, as well as achieving full compliance with oil production quotas and compensation.
Monitoring of compliance with the production adjustments agreed at the 38th OPEC and non-OPEC Ministerial Meeting and the additional voluntary production adjustments announced by the Group of Eight OPEC countries will continue.
During a meeting of the OPEC Group of Eight (G8) countries, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, participants emphasized that 1.65 million barrels per day (bpd) could be partially or fully reintroduced depending on evolving market conditions. They will continue to closely monitor the situation. As part of ongoing efforts to maintain market stability, they reaffirmed the importance of a cautious approach and maintaining flexibility to continue suspending or reversing additional voluntary production adjustments, including the previously introduced 2.2 million bpd voluntary adjustments announced in November 2023.
Eight OPEC member countries confirmed their decision of November 2, 2025, to suspend production increases in March 2026 due to seasonality.
The next meeting of the OPEC Group of Eight countries will be held on March 1, 2026, and the 65th meeting of the Joint Ministerial Monitoring Committee is scheduled for April 5, 2026.
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