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OPEC+ ministers reaffirm earlier decisions on oil production in 2026

The next OPEC and non-OPEC ministerial meeting will be held on June 7, 2026

MOSCOW, November 30. /TASS/. The OPEC+ nations have reiterated their commitment to the existing agreements setting overall oil production level until the end of 2026, OPEC said after their meeting.

According to the statement of the 40th OPEC and non-OPEC ministerial meeting, the participating countries reaffirmed "the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC (Declaration of Cooperation - TASS) as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until 31 December 2026."

Apart from that, they mandated "the OPEC Secretariat to develop a mechanism to assess participating countries’ maximum sustainable production capacity (MSC) to be used as reference for the 2027 production baselines for all DoC countries, the Participating Countries approved the mechanism developed by the Secretariat."

The next OPEC and non-OPEC ministerial meeting will be held on June 7, 2026.

The alliance also agreed to hold meetings of the Joint Ministerial Monitoring Committee (JMMC) twice a month.

The participating countries also decided to "reaffirm the framework of the Charter of Cooperation (CoC), signed on 2 July 2019, and request the OPEC Secretariat to develop a plan and convert it into programs to achieve the full objectives of the CoC, as it was originally mandated, and present it to the 41st OPEC and non-OPEC Ministerial Meeting.".

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