Nigeria has welcomed the decision by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to maintain its current crude oil production framework through the end of 2026, while stressing the importance of an ongoing review of member countries’ production capacities that will shape output levels from 2027.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, led Nigeria’s delegation to the 41st OPEC and non-OPEC Ministerial Meeting, the 66th Joint Ministerial Monitoring Committee meeting, and the 193rd OPEC Conference.
He said the meetings reaffirmed existing production levels under the Declaration of Cooperation (DoC), with member countries agreeing to sustain the current framework until 31 December 2026.
According to him, attention was also drawn to the need to conclude the assessment of Maximum Sustainable Capacity (MSC) for all participating countries, which will serve as the benchmark for determining production baselines from 2027.
“We also noted the importance of completing the Maximum Sustainable Capacity (MSC) assessment for all DoC countries, which will serve as the reference point for determining production baselines from 2027,” Lokpobiri said.
He added that the discussions reflect a shared commitment among member states to market stability, transparency, and long-term sustainability in the global oil sector.
The minister noted that Nigeria has consistently produced within its OPEC quota while also working to expand its production capacity, describing this approach as strategic for future opportunities.
“For Nigeria, it is particularly noteworthy that we have consistently maintained production within our OPEC quota while simultaneously strengthening our capacity to produce more,” he said.
He added that this positions the country to respond effectively to future quota adjustments while supporting national economic goals.
Meanwhile, OPEC+ on Sunday approved a fourth consecutive increase in production targets for key member countries, continuing a gradual rollback of earlier voluntary cuts.
Seven major producers—Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman—agreed to raise output by 188,000 barrels per day from July, matching the increase approved for June.
The adjustment is part of a broader plan to unwind a 1.65 million barrels per day voluntary cut introduced in 2023, although actual output levels remain affected by supply constraints and geopolitical tensions.
Despite the increase, OPEC+ ministers maintained the existing production policy framework, which remains in place until the end of 2026.
The alliance also reiterated the importance of completing the MSC review, which will determine production baselines and quotas from 2027, a development expected to significantly influence Nigeria’s future oil earnings and output levels.
