Nigeria, a leading African oil-producing and exporting nation, would continue to produce 1.5 million barrels per day (bpd) till December 2026.
This follows the decision of the Organisation of Petroleum Exporting Countries (OPEC) to roll over Nigeria’s 1.5 million bpd oil output and indeed the output of other nations for one year.
OPEC stated that the decision was targeted at assisting the organisation to achieve global oil market stability in the coming months.
In its statement on Sunday, OPEC stated, “In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, the Participating Countries decided to reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings.”
The Organisation also “reaffirms the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until 31 December 2026.
Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the OPEC Secretariat. The JMMC meeting is to be held every two months.
“Reaffirm the JMMC’s authority to hold additional meetings or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.” Reiterate the critical importance of adhering to full conformity and the compensation mechanism.
In reference to the decision of the 39th ONOMM mandating the OPEC Secretariat to develop a mechanism to assess participating countries’ maximum sustainable production capacity (MSC) to be used as reference for the 2027 production baselines for all DoC countries, the Participating Countries approved the mechanism developed by the Secretariat. “Reaffirm the framework of the Charter of Cooperation (CoC), signed on 2 July 2019, and request the OPEC Secretariat to develop a plan and convert it into programmes to achieve the full objectives of the CoC, as it was originally mandated, and present it to the 41st OPEC and non-OPEC Ministerial Meeting. Hold the 41st OPEC and non-OPEC Ministerial Meeting on 7 June 2026.”
Also, in another statement, OPEC maintained the commitment of Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman to reaffirm their commitment to market stability on the steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories.
It stated: “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 30 November 2025, to review global market conditions and outlook.
