Nigeria will maintain its crude oil production quota at 1.5 million barrels per day (mbpd) through December 2026 following a decision by the Organisation of the Petroleum Exporting Countries (OPEC) and its non-OPEC partners to hold existing output levels across participating countries.
The confirmation came after the 40th OPEC and non-OPEC Ministerial Meeting, where members of the Declaration of Cooperation reviewed production plans and agreed to keep current allocations unchanged.
The move extends Nigeria’s previously approved quota framework and provides a stable reference point for its upstream planning over the next two years.
At the meeting, the group also endorsed a revised mechanism developed by the OPEC Secretariat for evaluating each country’s maximum sustainable production capacity.
The new assessment framework will guide the establishment of production baselines for 2027, forming the foundation for future quota adjustments across the cooperation alliance.
OPEC+ monitoring committees will continue to track compliance levels, market balances and production conformity in the coming months.
The next ministerial review is expected to take place on June 7, 2026, where members will reassess global supply dynamics and quota requirements.
In a related development, eight countries within the broader OPEC+ coalition, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, agreed to suspend scheduled output increases for the first quarter of 2026.
The decision delays earlier plans to expand production, reflecting a cautious approach to demand patterns heading into the new year.
These countries also indicated that previously announced voluntary cuts, amounting to 1.65mbpd, may be restored gradually depending on prevailing market conditions. They reiterated commitments to compensate fully for any overproduction recorded since early 2024.
The eight-member group will meet monthly to assess market movements, monitor compliance and review the status of compensation efforts. Their next review session is slated for January 4, 2026.
The decisions reflect a coordinated strategy aimed at preserving market stability while allowing member states to adjust output in response to evolving supply and demand trends.