Translation. Region: Russian Federal
Source: Government of the Russian Federation – Government of the Russian Federation –
An important disclaimer is at the bottom of this article.
Deputy Prime Minister of the Russian Federation Alexander Novak, as co-chairman, held the 61st meeting of the Joint Ministerial Monitoring Committee of OPEC countries via videoconference.
The parties reviewed crude oil production data for May and June 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 quotas and compensations for oil production. Countries that allowed production in excess of the standards established for them must submit updated compensation plans to the OPEC Secretariat by August 18, 2025.
The Joint Ministerial Monitoring Committee reserves the right to convene additional meetings or request a ministerial meeting of OPEC and non-OPEC members, as agreed at the 38th Ministerial Meeting held on 5 December 2024.
Monitoring of compliance with the production adjustments agreed at the 38th OPEC-non-OPEC Ministerial Meeting and additional voluntary production adjustments announced by OPEC Group of Eight countries will continue.
The next, 62nd meeting of the Joint Ministerial Monitoring Committee is scheduled for October 1.
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