Nigeria will continue producing 1.5 million barrels of oil per day (bpd) until December 2026. This follows OPEC’s decision to roll over Nigeria’s output quota along with that of other member countries for another year.
OPEC said the move is aimed at sustaining global oil market stability in the coming months. In a statement on Sunday, the organisation reaffirmed its long-standing Declaration of Cooperation (DoC), first signed in 2016 and repeatedly endorsed in later meetings.
According to OPEC, participating countries have agreed to maintain overall crude oil production levels, as previously set during the 38th OPEC and non-OPEC Ministerial Meeting, until 31 December 2026.
The organisation also reaffirmed the mandate of the Joint Ministerial Monitoring Committee (JMMC) to monitor global market conditions, production levels, and compliance with the DoC. The JMMC will meet every two months and may call additional meetings when necessary.
OPEC further approved the mechanism for assessing each participating country’s maximum sustainable production capacity, which will guide the 2027 production baselines. It also reaffirmed the Charter of Cooperation (CoC) and directed the Secretariat to convert it into full programmes for presentation at the 41st Ministerial Meeting scheduled for 7 June 2026.
In a separate statement, OPEC confirmed that Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman have renewed their commitment to market stability. The eight OPEC+ members met virtually on 30 November 2025 to review global market conditions and the economic outlook.
They reaffirmed their earlier decision to pause production increases for January–March 2026 due to seasonal factors. They also noted that the withheld 1.65 million bpd may be restored gradually, depending on market conditions.
The countries emphasised their cautious approach, full flexibility, and strict adherence to the DoC, including monitoring voluntary production adjustments. They also committed to compensating for any overproduction since January 2024. The eight OPEC+ members will meet monthly to review the market, compliance levels, and compensation efforts. Their next meeting is scheduled for 4 January 2026.