“The OPEC+ participants made a decision to extend the oil production quotas, which has been in place in 2024, throughout 2025. At the same time, it was decided to partially resume voluntary production cuts from October 2024,” it said.

According to the Russian government, the ministers took part in online meetings of the Joint Ministerial Monitoring Committee (JMMC) and in the OPEC+ meeting in Riyadh, TASS reported.

“They represented Algeria, Iraq, Saudi Arabia, Kuwait, the United Arab Emirates, Kazakhstan, Russia, and Oman,” it said.

The OPEC+ nations also extended the assessment period by the three independent sources until late November 2025. This data will be used to set quotas for 2026.

MP/PR