The Organisation of Petroleum Exporting Countries, OPEC, has extended oil production cut put in place in November last year to 2025, with Nigeria maintaining its oil production quota at 1.5 million barrels per day.
OPEC and its allies led by Russia, known as OPEC plus, are presently reducing oil output by 5.86 million barrels per day in an attempt to shore up oil prices at the international market.
OPEC also extended the assessment period “by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels.” The oil cartel he said the countries decided — in addition to decisions at its latest meeting — to extend the additional voluntary cuts of 1.65 million bpd that was announced in April 2023, until December 31, 2025.
“In the spirit of transparency and collaboration, the meeting welcomed the pledges made by the Republic of Iraq, the Russian Federation and the Republic of Kazakhstan to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes since Jan 2024 before the end of June 2024 as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee .
In his address, Senator Lokpobiri stated, “Nigeria remains unwavering in its commitment to the agreements made under the DoC. Our adherence to these production adjustments is crucial for maintaining market balance and supporting global efforts toward sustainable oil market stability.”
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