The Organisation of the Petroleum Exporting Countries (OPEC) and its cuts partners, including Russia, have upheld Nigeria’s crude oil production quota of 1.5 million barrels per day (bpd) until December 2026.
The latest position revalidates an earlier resolution made in late 2024 and was confirmed following the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday.
During the session, participating members agreed to retain overall production volumes for all countries under the Declaration of Cooperation (DoC).
In a separate update, OPEC disclosed that eight OPEC+ members — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — had suspended previously scheduled output hikes for the first quarter of 2026 due to seasonal demand trends.
The alliance will continue to withhold a 137,000 bpd increase initially slated for December 2025. They also indicated that the 1.65 million bpd in voluntary reductions could return “in part or in full” depending on market realities and would be implemented gradually. They further pledged to offset any excess production recorded since January 2024.
OPEC revealed that a new assessment mechanism, designed by its Secretariat, will help determine maximum sustainable production capacity among member states, forming the basis for 2027 output benchmarks.
The group’s joint ministerial monitoring committee will maintain oversight on market balance, conformity and compliance, with the next full ministerial session set for June 7, 2026.
Meanwhile, the eight-member bloc will meet monthly to review conditions and compensation progress, with the next assessment scheduled for January 4, 2026.
Oil prices rose on Monday after the affirmation to sustain output limits, with Brent crude climbing $1.01 (1.62%) to $63.39 per barrel by 0501 WAT, while U.S. West Texas Intermediate gained $1 (1.71%) to $59.55. Both benchmarks, however, had closed lower on Friday — their fourth consecutive monthly decline — amid expectations of higher global supply.