RUSSIA, August 4 - Alexander Novak, Deputy Prime Minister of Russia, co-chaired the 49th meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries.

The Joint Ministerial Monitoring Committee of OPEC+ countries recommended not to change the parameters of the deal on limiting oil production, adopted in June this year at the ministerial meeting of OPEC+ countries. The Committee analysed data on crude oil production for May and June 2023 and noted compliance with the terms of the deal to limit oil production. All members of the alliance must achieve full compliance with the agreement and adhere to the compensation mechanism. The agreement is valid until the end of 2024.

According to Alexander Novak, participants in the deal met and exceeded established quotas in June 2023. He emphasised that the deal is being implemented alongside additional voluntary reductions by nine participating countries, including Russia, in the amount of 1.66 million barrels per day. “Russia is committed to the agreements that have been reached as part of OPEC+. We are meeting our obligations in full. Production is ensured at the level of 9.5 million barrels of oil per day, which corresponds to a voluntary reduction of 500 thousand barrels per day. In August and September, in order to maintain stability on the world market together with its partners, Russia will supply less oil for export,” said the Deputy Prime Minister.

Thanks to the joint actions of OPEC+ today the oil market is stable, supply and demand are in balance. “The committee will continue to carefully assess market conditions, noting that the countries party to the agreement are prepared to respond to changes in the market and take additional measures at any time, relying on the strong cohesion of OPEC and non-OPEC oil-producing countries,” reads the statement that followed the meeting.

OPEC+ members agreed to hold the next, 50^th meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries on 4 October 2023.