The Organisation of Petroleum Exporting Countries (OPEC) has maintained Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to December 2026.
In a statement, the intergovernmental organisation said the decision to extend Nigeria’s quota was made at its 40th OPEC and non-OPEC ministerial meeting, held on Sunday. On December 5, 2024, the oil cartel extended Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to December 2026.
The international firm upheld its decision, reaffirming the “level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 38th OPEC and non-OPEC Ministerial Meeting until 31 December 2026”.
OPEC also reaffirmed that the joint ministerial monitoring committee (JMMC) is mandated to closely review global oil market conditions, oil production levels, and the level of conformity with the declaration of cooperation (DoC).
In a separate statement on Sunday, the oil cartel said some member countries of OPEC and its allies, also known as OPEC+, held a virtual meeting to review global market conditions and outlook.
