The Organisation of the Petroleum Exporting Countries (OPEC) and its cuts partners, including Russia, have maintained Nigeria’s crude oil production quota at 1.5 million barrels per day (bpd) until December 2026.
The decision that reaffirmed a previous decision taken in late 2024 was announced after the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday.
Members, during the meeting, agreed to retain overall production levels for countries participating in the Declaration of Cooperation (DoC).
In a separate statement, OPEC said eight countries within the wider OPEC+ alliance — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — agreed to pause previously planned production increases for the first quarter of 2026, citing seasonal demand patterns.
The countries, which had earlier announced additional voluntary output adjustments in 2023, will continue to hold back a 137,000 bpd increase scheduled for December 2025.
They noted that the 1.65 million bpd in voluntary cuts may be restored “in part or in full” depending on market conditions and in a gradual manner. The countries also committed to fully compensating for any overproduction recorded since January 2024.
The group said it also endorsed a new mechanism developed by the OPEC Secretariat to assess countries’ maximum sustainable production capacity — a framework that will serve as the basis for determining 2027 production baselines.
OPEC’s joint ministerial monitoring committee will continue reviewing market conditions, conformity levels, and output compliance. The next ministerial meeting is scheduled for June 7, 2026.
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The eight members will meet monthly to review market dynamics, compliance levels, and compensation progress, with the next meeting set for January 4, 2026.
Oil prices rose on Monday after OPEC+ members reaffirmed their plan to hold output steady.
Brent crude futures advanced $1.01, or 1.62%, to $63.39 a barrel at 0501 WAT. U.S. West Texas Intermediate crude gained $1, or 1.71%, to $59.55.
Both contracts settled down on Friday for the fourth straight month, their longest losing streak since 2023, as expectations for higher global supply weighed on prices.