The Organisation of Petroleum Exporting Countries (OPEC) has decided to maintain Nigeria’s oil production level at 1.5 million barrels per day (bpd) until December 2026. This decision aims to support global oil market stability, amidst efforts to balance production and demand.
In its statement, 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.”
OPEC also reaffirmed 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.
OPEC’s statement emphasized the importance of adhering to the Declaration of Cooperation (DoC) framework, signed in 2016, and reaffirmed the Joint Ministerial Monitoring Committee’s (JMMC) mandate to review market conditions and production levels.
“We 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 programs 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, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on 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.
“The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in January, February, and March 2026 due to seasonality.
“The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.
“The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
“The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 4 January 2026.”