Deputy Prime Minister of Russia Alexander Novak, in his capacity as co-chair, chaired a meeting of the group of eight countries that had adopted additional voluntary oil production adjustments in April and November 2023.

The group includes Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. The countries agreed to adjust oil production by 137,000 barrels per day in December 2025. The gradual increase may be suspended or reversed depending on changing market conditions. Source: Russian Government website.

The next meeting is scheduled for November 30, 2025.