The Organisation of Petroleum Exporting Countries (OPEC) has maintained Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to December 2026.
In a statement, the intergovernmental organisation said the decision to extend Nigeria’s quota was made at its 40th OPEC and non-OPEC ministerial meeting, held on Sunday.
On December 5, 2024, the oil cartel extended Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to December 2026.
The international firm upheld its decision, reaffirming 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”.
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OPEC also reaffirmed that the joint ministerial monitoring committee (JMMC) is mandated to closely review global oil market conditions, oil production levels, and the level of conformity with the declaration of cooperation (DoC).
The statement noted that the OPEC secretariat will assist the committee in this role.
“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,” the oil cartel said.
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OPEC scheduled its next meeting for June 7, 2026.
‘SAUDI ARABIA, RUSSIA, IRAQ PAUSE PRODUCTION INCREASE’
In a separate statement on Sunday, the oil cartel said some member countries of OPEC and its allies, also known as OPEC+, held a virtual meeting to review global market conditions and outlook.
In April 2023 and November 2023, eight countries announced additional voluntary adjustments.
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The countries are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
On November 2, the countries decided to pause their oil output increases during the first quarter (Q1) of 2026 — agreeing to a 137,000 bpd hike for December 2025.
According to OPEC, the eight participating countries reaffirmed their decision 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 oil alliance said.
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OPEC said the countries will continue to closely monitor and assess market conditions.
In their continuous efforts to support market stability, the group noted that the countries “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments”.
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OPEC said this includes the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.
According to the statement, the group also confirmed their intention to fully compensate for any overproduced volume since January 2024.
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“The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation,” the oil alliance said.
The eight countries, OPEC said, will meet on January 4, 2026.
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