The Organization of the Petroleum Exporting Countries (OPEC) and its allies under the OPEC+ framework have confirmed that Nigeria’s crude oil production quota will remain at 1.5 million barrels per day (mbpd) until the end of 2026.
The decision, which reaffirms a resolution adopted in late 2024, was reached at the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday. Member countries participating in the Declaration of Cooperation (DoC) unanimously agreed to maintain their existing output targets.
In a separate communication, OPEC disclosed that eight key members of the alliance—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—will delay previously scheduled production increases for the first quarter of 2026. This pause, OPEC said, aligns with typical seasonal shifts in oil demand.
These eight countries, which had implemented additional voluntary output cuts in 2023, will continue to suspend a planned 137,000 bpd increase slated for December 2025.
The group noted that the ongoing 1.65 million bpd voluntary cuts could be restored gradually, depending on evolving market conditions. Participating nations also pledged to fully address any overproduction recorded since January 2024.
OPEC further revealed that it has approved a new methodology developed by the Secretariat to evaluate member nations’ maximum sustainable production capacity. This will serve as the foundation for setting production baselines for 2027.
The Joint Ministerial Monitoring Committee will continue reviewing compliance levels, market stability, and output performance. The next ministerial meeting is scheduled for June 7, 2026.
The eight countries implementing voluntary adjustments will also hold monthly review sessions to monitor market movements and compensation status, with their next meeting set for January 4, 2026.
Oil markets reacted positively to the decision. Brent crude futures rose by $1.01 (1.62%) to $63.39 per barrel at 0501 WAT, while U.S. West Texas Intermediate futures gained $1 (1.71%) to trade at $59.55.
Despite Monday’s gains, both benchmarks had closed lower on Friday, marking a fourth consecutive month of losses—the longest downturn since 2023—amid concerns over increased global supply.
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