The Organisation of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, have maintained Nigeria’s crude oil production quota at 1.5 million barrels per day (bpd) through December 2026.
The decision, which reaffirms a previous agreement from late 2024, was announced following the 40th OPEC and non-OPEC Ministerial Meeting on Sunday. Members agreed to retain overall production levels under the Declaration of Cooperation (DoC).
In a separate statement, OPEC said eight countries within the broader OPEC+ alliance—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—will pause previously planned production increases for the first quarter of 2026, citing seasonal demand patterns.
These countries, which had announced voluntary output adjustments in 2023, will continue to hold back a 137,000 bpd increase originally scheduled for December 2025. The group noted that the 1.65 million bpd in voluntary cuts may be restored “in part or in full,” depending on market conditions, in a gradual manner. Members also committed to fully compensating for any overproduction recorded since January 2024.
OPEC further endorsed a new mechanism developed by its Secretariat to assess each country’s maximum sustainable production capacity. This framework will serve as the basis for determining production baselines for 2027.
The OPEC joint ministerial monitoring committee will continue reviewing market conditions, compliance levels, and output performance. The next ministerial meeting is scheduled for June 7, 2026. Meanwhile, the eight-member group will meet monthly to evaluate market dynamics, compliance, and compensation progress, with the next session set for January 4, 2026.
Following the announcement, oil prices rose on Monday. Brent crude futures advanced $1.01, or 1.62%, to $63.39 a barrel at 05:01 WAT, while U.S. West Texas Intermediate crude gained $1, or 1.71%, to $59.55. Both contracts had settled lower on Friday for the fourth consecutive month—their longest losing streak since 2023—as expectations of higher global supply weighed on prices.
