Published on: 2026-05-04
Source: Government of the Russian Federation – Government of the Russian Federation –
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Alexander Novak participated in the meeting of the group of seven OPEC+ countries
Deputy Prime Minister of Russia Alexander Novak, as co-chairman, held a meeting of the group of 7 OPEC+ member countries, adopting additional voluntary oil production adjustments in April and November 2023.
The group of seven countries includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
Within the framework of obligations to support the stability of the oil market, 7 participating countries decided to make an adjustment to production in June 2026 in the amount of 188 thousand barrels per day from additional voluntary adjustments announced in April 2023. The adjustments announced in April 2023 may be gradually partially or fully reverted depending on changes in market conditions.
Countries continue to closely monitor the situation. As part of ongoing efforts to support market stability, they have confirmed the importance of a cautious approach and flexibility for the continuation, suspension, or cancellation of additional voluntary production adjustments, including the previously implemented voluntary adjustments announced in November 2023.
Seven OPEC+ member countries also noted that this measure will provide participants with the opportunity to accelerate compensation. The countries confirmed their common commitment to achieve full compliance with the Cooperation Declaration, including additional voluntary production adjustments that will be tracked by the Joint Ministerial Monitoring Committee. They confirmed their intention to fully compensate for any excess production volume from January 2024.
Seven OPEC+ member countries agreed to hold monthly meetings to analyze market conditions, compliance, and compensations. The next meeting will take place on June 7, 2026.
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