Nigeria will continue producing 1.5 million barrels of oil per day (bpd) until December 2026, following a decision by the Organisation of Petroleum Exporting Countries (OPEC) to maintain output levels for member nations and key non-OPEC partners.
In a statement on Sunday, OPEC said the move is part of ongoing efforts to ensure global oil market stability. The organisation reaffirmed the Declaration of Cooperation (DoC), signed in December 2016, which sets out production guidelines for OPEC and non-OPEC participating countries.
The Joint Ministerial Monitoring Committee (JMMC) will continue to review global market conditions, monitor production levels, and ensure compliance with the DoC. Meetings will be held every two months, with additional sessions convened as needed. The committee has also approved a mechanism to assess each country’s maximum sustainable production capacity (MSC), which will serve as a reference for 2027 production baselines. The 41st OPEC and non-OPEC Ministerial Meeting is scheduled for June 7, 2026, to evaluate progress on the cooperation framework.
Separately, eight OPEC+ countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — reaffirmed their commitment to stabilising the market. The group, which met virtually on November 30, 2025, confirmed a pause in production increases for January through March 2026 due to seasonal factors. They also retained the flexibility to resume or adjust production depending on market developments.
The eight countries emphasised full compliance with the DoC, including voluntary adjustments introduced in 2023, and pledged to compensate for any overproduction since January 2024. Monthly meetings will continue to review market conditions, conformity, and compensation, with the next session scheduled for January 4, 2026.
OPEC stressed that these coordinated actions are aimed at maintaining low inventories, supporting healthy market fundamentals, and ensuring stability in global oil supply and pricing.
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