Translation. Region: Russian Federal
Source: Government of the Russian Federation – Government of the Russian Federation –
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Alexander Novak took part in the meeting of the OPEC Group of Eight countries
Alexander Novak took part in the meeting of the OPEC Group of Eight countries
Alexander Novak took part in the meeting of the OPEC Group of Eight countries
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Alexander Novak took part in the meeting of the OPEC Group of Eight countries
Deputy Prime Minister of Russia Alexander Novak took part as a co-chair in a meeting of the Group of Eight participating countries that adopted additional voluntary adjustments to oil production in April and November 2023.
The Group of Eight 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 prospects of the global economy and current market indicators reflected in low oil inventories, they agreed to make an adjustment to production by 548 thousand barrels per day in August 2025. 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 the compensation of volumes.
The parties to the deal confirmed their commitment to the voluntary adjustments to oil production agreed 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.
The eight OPEC countries have agreed to meet monthly to review market conditions, compliance and compensation. The next meeting will be held on August 3 to decide on the level of oil production by the members in September 2025.
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