AS part of measures to enhance market stability, the Organisation of Petroleum Exporting Countries, OPEC, has extended Nigeria's oil production quota of 1.5 million barrels of crude per day (bpd) to 2026.
The organisation said the decision to extend Nigeria's quote was made at its 38th OPEC and non-OPEC ministerial meeting, yesterday.
OPEC also extended the level of overall crude oil production for OPEC and non-OPEC participating countries "in the Declaration of Cooperation, DoC, as agreed in the 35th OPEC and non-OPEC Ministerial Meeting.
Meanwhile, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has disclosed that the plan to produce 2.06 million barrels of crude oil per day in 2025 remains on course, despite the 1.5mbpd oil production quota set by OPEC.
Lokpobiri, in a statement issued by his media aide, Nnemaka Okafor, after the 38th meeting of the Joint Ministerial Monitoring Committee, JMMC, of OPEC, on Wednesday, reaffirmed the country's commitment in maintaining price stability.
He explained that the 2.06 million barrels per day production included in the 2025 Appropriation Bill includes condensate oil production.
He said the meeting "brought together ministers and heads of delegations to deliberate on critical strategies aimed at ensuring sustained stability in the global oil market.
"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."
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He added that among the key outcomes of the meeting was reaffirming the crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, which will remain in effect until December 31, 2026. Ministers emphasised the critical importance of full conformity with production levels and the implementation of a robust compensation mechanism to enhance transparency and preserve market equilibrium.
"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."
Lokpobiri reiterated Nigeria's commitment to the DoC and emphasised the critical role of collaborative efforts in ensuring a balanced 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.
