Published on: 2026-06-07
Source: Government of the Russian Federation –
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Deputy Prime Minister Alexander Novak, as co-chair, held the 41st ministerial meeting of OPEC and non-OPEC countries.
In the light of the unchanging commitment of OPEC and non-OPEC Declaration countries to cooperation, achievement and maintenance of stability in the oil market, the participating countries have decided:
— Confirm the framework of the Cooperation Declaration, signed on December 10, 2016, and approved at the subsequent meeting.
— Confirm the level of total crude oil production by OPEC countries and non-OPEC countries, agreed within the framework of the Declaration of Cooperation, agreed at the 38th meeting of ministers of OPEC and non-OPEC countries, until December 31, 2026.
— Confirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) for a thorough analysis of the situation on the global oil market, oil production levels, and the degree of compliance with the Declaration on Cooperation with the OPEC Secretariat. JMMC meetings will be held every 2 months.
— Confirm the authority of the joint ministerial monitoring committee to hold additional meetings or request the convening of a ministerial meeting of OPEC countries and non-OPEC countries at any time to consider the market situation when this is deemed necessary.
— Once again, to confirm the critical importance of full compliance with agreements and the mechanism of compensation.
— Confirm the importance of completing the assessment of the maximum sustainable production potential for all countries within the framework of the Cooperation Declaration, which will be used as a reference for baseline production levels by 2027.
— Approve the plan developed by the OPEC Secretariat to achieve the goals of the Charter of Cooperation, signed on July 2, 2019.
— To hold the 42nd ministerial meeting of OPEC and non-OPEC countries on November 29, 2026.
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