The Organisation of Petroleum Exporting Countries (OPEC) has extended Nigeria’s oil production limit of 1.5 million barrels of petroleum per day (bpd) until 2026 as part of efforts to improve market stability.
The group made the position known following the 38th OPEC and non-OPEC ministerial meeting when the decision to prolong Nigeria’s quota was taken.
Additionally, OPEC extended the level of total crude oil output for both OPEC and non-OPEC participating nations in the Declaration of Cooperation, DoC.
Despite the 1.5 million barrels per day oil production cap imposed by OPEC, Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has revealed that the aim to produce 2.06 million barrels of crude oil per day in 2025 is still on track.
Following the 38th meeting of OPEC’s Joint Ministerial Monitoring Committee, or JMMC, on Wednesday, Lokpobiri reiterated the nation’s commitment to preserving price stability in a statement released by his media assistant, Nnemaka Okafor.
He clarified that condensate oil production is part of the 2.06 million barrels per day output that is part of the 2025 Appropriations Bill.
“Ministers and heads of delegations convened to discuss important strategies to ensure long-term stability in the world oil market,” he added.
“The discussions underscored the unwavering commitment of OPEC and non-OPEC member countries to the principles of the Declaration of Cooperation, first established in 2016 and reinforced through subsequent extensions, including adoption of the Charter of Cooperation in 2019. This framework remains a cornerstone of OPEC’s strategic approach to balancing global supply and demand dynamics.”
Reaffirming the crude oil production adjustments decided upon at the 35th OPEC Ministerial Meeting, which will be in force until December 31, 2026, was one of the meeting’s significant outcomes, he continued.
To improve transparency and maintain market equilibrium, ministers stressed the vital significance of complete compliance with output levels and the establishment of a strong compensation system.
“For Nigeria,” he explained, “these resolutions provide a strategic pathway to achieving the nation’s 2025 production target of 2.06 million barrels per day (inclusive of condensates), as outlined in the draft 2025 Appropriation Bill, positioning the country to leverage its resources effectively, while aligning with global market trends.”
Nigeria’s commitment to the DoC was reaffirmed by Lokpobiri, who also highlighted the need of teamwork in maintaining a stable and sustainable oil market.
“This meeting reflects the unity and resolve of OPEC and its partners to maintain stability and ensure a balanced market. Nigeria remains steadfast in supporting these efforts, while pursuing our national objectives within the global energy landscape,” Senator Lokpobiri stated.