Nigeria’s crude oil production plans will remain unchanged after seven members of the OPEC+ alliance agreed to increase their combined output by 188,000 barrels per day (bpd) from September 2026 in a move aimed at supporting stability in the global oil market.
The decision was reached during a virtual meeting on Sunday involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The seven countries are implementing additional voluntary production cuts announced in April and November 2023.
Nigeria was not part of the meeting because it is not participating in the additional voluntary production adjustment arrangement. As a result, the latest production increase does not affect the country’s crude oil output strategy.
Instead, Nigeria will continue to operate under its production quota set by the broader OPEC+ Declaration of Cooperation (DoC).
In a communiqué issued after the meeting, the participating countries said they reviewed global market conditions and the outlook before agreeing to increase production.
“In line with their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023,” the statement said.
The adjustment will take effect in September 2026.
The producers said the increase would also enable participating countries to accelerate compensation for previous overproduction while reaffirming their commitment to full compliance with the Declaration of Cooperation.
They added that adherence to both the broader production agreement and the additional voluntary cuts would continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).
