MOSCOW (Realist English). Russian Deputy Prime Minister Alexander Novak has held a series of key meetings within the OPEC+ framework.
On 2 August, under his co‑chairmanship, a meeting of the group of seven OPEC+ countries that adopted additional voluntary production adjustments in April and November 2023 took place.
At the same time, Novak chaired the 67th meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC).
Composition of the group of seven
The group of voluntary adjusters includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. These countries have taken on additional commitments to cut production beyond basic OPEC+ quotas.
September production decision
Following the meeting, the “Group of Seven” agreed in principle to increase oil production by 188,000 barrels per day from September 2026. The decision is pending official approval.
According to Bloomberg, citing delegates, once approved, the OPEC+ group of seven will complete the return to the market of volumes cut under the second phase of voluntary reductions, totalling 1.65 million bpd. The first phase – 2.2 million bpd – was already unwound back in September 2025.
Context: war in the Middle East and the Hormuz blockade
The decision to increase production comes against the backdrop of serious geopolitical upheaval. Since March 2026, Gulf countries within OPEC+ have been unable to ramp up production in line with their quotas. The reason: Iran closed the Strait of Hormuz following attacks by the US and Israel.
Around 20 million barrels per day of oil and refined products from the Gulf used to pass through this strategic waterway. Russia is also significantly lagging behind its quota.
Oil prices remain near $90 per barrel amid continued uncertainty.
JMMC meeting: compliance monitoring
In addition to the group of seven meeting, Alexander Novak chaired the 67th JMMC meeting. The committee reviewed crude oil production data for May and June 2026 and noted that countries were broadly in compliance with the agreed production levels.
The next, 68th JMMC meeting is scheduled for 4 October 2026.
November plans and new quota methodology
The next full OPEC+ ministerial meeting is scheduled for 29 November 2026. It will approve quotas for 2027. OPEC+ countries are currently discussing a new methodology for determining maximum production capacities, which will become the basis for calculating next year’s quotas. The methodology is expected to be finalised in September 2026.
Members of the group of seven have agreed to hold monthly meetings to analyse market conditions, monitor compliance and compensate for overproduction. The next meeting of the group of seven is scheduled for 6 September 2026.
The OPEC+ alliance continues to balance between the need to stabilise the market and returning curtailed volumes amid ongoing geopolitical uncertainty in the Middle East.
