Alexander Novak held the 67th meeting of the Joint Ministerial Monitoring Committee of the OPEC+ countries

Published on: 2026-08-03

Source: Government of the Russian Federation –

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Deputy Prime Minister Alexander Novak, as co-chairman, held the 67th meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries via videoconference.

The Committee analyzed the current situation on the oil market and emphasized the crucial role of the Declaration on Cooperation in maintaining stability in the global energy markets, specifically highlighting the critical importance of protecting international maritime routes to ensure uninterrupted energy supplies.

The committee also expressed concern about attacks on energy infrastructure, noting that restoring damaged energy facilities to full capacity requires significant expenses and time, which affects the overall availability of supplies. The committee emphasized that any actions undermining energy supply security, including attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken collective efforts under the Declaration on Cooperation to support market stability in the interests of producers, consumers, and the global economy.

At the meeting, the committee reviewed crude oil production data for May and June 2026 and noted overall compliance with the established production levels by both OPEC countries and non-OPEC countries participating in the Declaration of Cooperation.

The committee also confirmed that it will continue monitoring compliance with the production adjustments adopted at the 38th ministerial meeting of OPEC and non-OPEC countries, held on December 5, 2024, as well as additional voluntary production adjustments announced by several participating OPEC and non-OPEC countries, in accordance with the agreements reached at the 52nd meeting of the Joint Ministerial Monitoring Committee on February 1, 2024.

The committee will continue to closely monitor the market situation and reserves the right to convene additional meetings or request a ministerial meeting of OPEC and non-OPEC countries, as established at the 38th ministerial meeting held on December 5, 2024.

The next, 68th meeting of the Joint Ministerial Monitoring Committee is scheduled for October 4, 2026.

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