Business
Nigeria spared as seven OPEC+ producers raise output by 188,000 bpd
By Udeme Akpan, Energy Editor
Nigeria will maintain its current crude oil production strategy after seven members of the OPEC+ alliance agreed to increase their combined oil output by 188,000 barrels per day (bpd) in September 2026, a decision aimed at preserving 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 countries 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, meaning the latest output increase does not affect its production plans.
Instead, Nigeria remains subject to its production target under the broader Declaration of Cooperation (DoC) agreed by OPEC and its allies.
In a communiqué issued after the meeting, the seven countries said they had “reviewed global market conditions and outlook” before deciding to increase production.
According to the statement, “In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.”
The increase, they said, will take effect in September 2026.
The producers added that the latest adjustment “will provide an opportunity for the participating countries to accelerate their compensation” for previous overproduction.
They reaffirmed “their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).”
The countries also “confirmed their intention to fully compensate for any overproduced volume since January 2024.”
For Nigeria, the decision means there is no change to its production obligations, allowing Africa’s largest oil producer to continue efforts to increase crude output within its OPEC allocation.
The country has been working to raise production through enhanced pipeline security, reduced crude oil theft, increased upstream investments and the reactivation of idle oil fields.
The latest OPEC+ decision is also expected to provide some comfort for Nigeria’s oil-dependent economy, as the alliance continues to pursue a gradual and coordinated supply policy designed to prevent sharp swings in international crude prices.
Stable oil prices remain critical to Nigeria’s fiscal position, with crude exports accounting for the bulk of the country’s foreign exchange earnings and a significant portion of government revenue.
Although the seven producers agreed to increase supply, analysts believe the relatively modest adjustment signals that OPEC+ remains cautious about the pace of production growth amid uncertainties surrounding global demand and geopolitical developments.
The statement emphasised that the participating countries “will continue to hold monthly meetings to review market conditions,” underscoring their readiness to respond quickly to changes in the global oil market.
The next meeting of the seven OPEC+ countries is scheduled for September 6, 2026, when they will assess market conditions and determine whether further production adjustments are necessary.
For Nigeria, which is targeting higher crude output to strengthen revenues and meet its 2026 budget assumptions, the latest decision offers room to pursue production growth while benefiting from OPEC+’s continued efforts to maintain a stable global oil market.
Meanwhile, Nigeria and other key members of the OPEC+ alliance have reaffirmed their commitment to sustaining stability in the global oil market, while warning that attacks on energy infrastructure and disruptions to international maritime routes pose significant threats to global energy security and crude oil supplies.
The position was contained in the communiqué issued after the 67th Meeting of the Joint Ministerial Monitoring Committee (JMMC), held via videoconference on Monday.
The committee, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela, reviewed developments in the international oil market and stressed the importance of continued cooperation under the Declaration of Cooperation (DoC), the framework through which OPEC and its allies coordinate production policies.