- The Organisation of Petroleum Exporting Countries has extended Nigeria’s 1.5 million bpd oil production quota to 2026
- The decision was announced at the OPEC’s 38th OPEC and non-OPEC ministerial meeting
- OPEC+ countries agreed to extend voluntary cuts
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 December 2026.
It said the decision to extend Nigeria’s quote was made at its 38th OPEC and non-OPEC ministerial meeting, held on Thursday, December 5.
OPEC extended the level of overall crude oil production for OPEC and non-OPEC participating countries “in the DoC as agreed in the 35th OPEC and non-OPEC Ministerial Meeting, as per the attached table until 31 December 2026.”
It also extended the assessment period by “the three independent sources” to the beginning of November 2026, to be “used as guidance for 2027 reference production levels.”
Nigeria’s current 1.5 million bpd was agreed on in 2023
Nigeria’s production quota was extended to the current 1.5 million bpd for 2024 as part of the resolutions at a meeting on November 30, 2023.
Before the extension to 2026, OPEC also extended Nigeria’s production quota to 1.5 million bpd to 2025 on June 2, 2024.
OPEC+ countries extend voluntary cuts
The OPEC’s statement added that some member countries of OPEC and its allies, also known as OPEC+, held a virtual meeting on the sidelines of the ministerial meeting to reinforce the “precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets.”
The OPEC+ countries decided to extend the additional voluntary adjustments of 1.65 million bpd, announced in April 2023, until the end of December 2026.
It said the countries “will extend their additional voluntary adjustments of 2.2 million barrels per day that were announced in November 2023 until the end of March 2025.”
Recall that OPEC+ countries, which include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, announced additional voluntary adjustments in April 2023 and November 2023.
2.2 million bpd adjustments to be gradually phased out
OPEC further stated that the 2.2 million bpd adjustments would be gradually phased out monthly until the end of September 2026 to support market stability.
It noted that the monthly increase can be paused or reversed subject to market conditions.
“In the spirit of transparency and collaboration, the meeting welcomed the pledges made by the overproducing countries to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes since January 2024 before the end of December 2024 as agreed in the 52nd meeting of the Joint Ministerial Monitoring Committee (JMMC).
“The compensation period will be extended until the end of June 2026,” OPEC stated.
OPEC’s next meeting is scheduled for May 28, 2025.
Nigeria tops list of African countries with highest number of refineries
Meanwhile, TheRadar reported that Nigeria stands as the African leader in oil refining infrastructure, with nine refineries, more than any other nation on the continent.
Africa’s role in the global energy market is significant, producing nearly 10 million barrels of oil daily as of 2024. Yet, the continent's refining capacity has struggled to meet its fuel demands.
