- Lokpobiri says resolutions reached at OPEC’s JMMC are crucial to achieving Nigeria’s 2025 oil production target of 2.06 million bpd
- He said the target positions Nigeria to leverage its resources effectively while aligning with global market trends
- The minister also conveyed OPEC ministers’ commitment to maintain global oil market stability
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, says the resolutions reached at the 38th meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of the Petroleum Exporting Countries (JMMC) are strategic pathways to achieving Nigeria's oil production target of 2.06 million barrels per day by 2025.
Lokpobiri, in a statement on Thursday, December 5, by his Special Adviser on Media and Communications, Nneamaka Okafor, said the oil production target, as outlined in the draft2025 Appropriation Bill, positions the country to leverage its resources effectively while aligning with global market trends.
The statement noted that the discussions at the meeting underscored the commitment of OPEC and non-OPEC member countries to the principles of the Declaration of Cooperation (DoC), first established in 2016 and reinforced through subsequent extensions, including adopting the Charter of Cooperation in 2019.
It noted that the framework remains a cornerstone of OPEC’s strategic approach to balancing global supply and demand dynamics.
The statement read, “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, 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.”
OPEC resolved to extend Nigeria’s oil production quota to 2026
OPEC’s JMMC, convened on Thursday, brought together ministers and heads of delegations to deliberate on critical strategies aimed at ensuring sustained stability in the global oil market.
Part of the resolutions reached at the meeting is to extend Nigeria’s 1.5 million barrel per day (bpd) oil production quota to 2026.
OPEC ministers pledge to maintain global oil market stability
According to the statement, Lokpobiri, who led the Nigerian delegation, reiterated Nigeria’s commitment to the DoC.
Speaking further on the outcome of the meeting, Lokpobiri stressed the role of collaborative efforts in ensuring a balanced and sustainable oil market.
The statement quoted Lokpobiri as saying, “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.
“The Federal Government of Nigeria remains dedicated to fostering partnerships within OPEC and beyond, contributing to global energy security while ensuring the sustainable development of its resources.”
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.
