The Organisation of the Petroleum Exporting Countries (OPEC) has confirmed that Nigeria’s crude oil production quota will remain at 1.5 million barrels per day (bpd) through December 2026. The decision, first set in late 2024, was reaffirmed during the 40th OPEC and non-OPEC Ministerial Meeting on Sunday, reflecting the group’s cautious approach to maintaining market stability.
During the meeting, OPEC members agreed to retain overall production levels for countries participating in the Declaration of Cooperation (DoC). The organisation also endorsed a new framework developed by its Secretariat to assess each country’s maximum sustainable production capacity, which will inform baseline production targets for 2027.
OPEC’s joint ministerial monitoring committee will continue tracking market conditions, output compliance, and member conformity. The next ministerial review is scheduled for June 7, 2026, ensuring that adjustments can be made in line with evolving global demand and supply dynamics.
In a related development, eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — agreed to pause previously planned production increases for the first quarter of 2026. This move is part of a strategy to balance seasonal demand fluctuations while maintaining the option to gradually restore voluntary cuts of 1.65 million bpd based on market conditions.
The group emphasized that any overproduction since January 2024 will be fully compensated. The eight members will continue monthly meetings to assess market trends, compliance, and compensation progress, with the next session slated for January 4, 2026. Analysts say these measures aim to stabilize the global oil market while safeguarding member interests, including Nigeria’s steady quota.
source: Business day