Nigeria’s crude oil production quota has been maintained at 1.5 million barrels per day (bpd) by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. The decision, which upholds commitments made in late 2024, was announced after the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday.
Member countries reaffirmed their agreement to retain overall production levels under the Declaration of Cooperation (DoC), ensuring stability across oil markets amid shifting global dynamics.
In a separate statement, OPEC revealed that eight key members of the OPEC+ alliance — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — have agreed to pause previously scheduled production increases for the first quarter of 2026, citing seasonal demand trends.
These countries, which introduced additional voluntary production cuts in 2023, will continue withholding a 137,000 bpdincrease originally planned for December 2025. They further noted that the 1.65 million bpd in voluntary cuts could be reinstated “in part or in full,” depending on market conditions, and stressed their commitment to compensate for any overproduction recorded since January 2024.
OPEC+ also endorsed a new mechanism developed by the OPEC Secretariat to determine each member country’s maximum sustainable production capacity — a framework that will form the basis for setting 2027 production baselines.
The Joint Ministerial Monitoring Committee (JMMC) will continue to oversee market conditions, production conformity, and compliance levels. The next full OPEC+ ministerial meeting is scheduled for June 7, 2026, while the eight participating members will hold monthly review meetings, starting January 4, 2026.
Oil prices rose on Monday following the announcement. Brent crude futures increased by $1.01, or 1.62%, to $63.39per barrel at 0501 WAT, while U.S. West Texas Intermediate (WTI) climbed $1, or 1.71%, to $59.55. Both benchmarks had closed lower on Friday, marking their fourth consecutive monthly decline — the longest losing streak since 2023 — amid expectations of rising global supply.
