Nigeria supports OPEC’s production capacity assessment as the alliance raises output targets and retains current framework.
- +Nigeria Backs OPEC Capacity Review As Group Extends Oil Output Increase
Nigeria has welcomed the decision of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to maintain the current framework governing crude oil production until the end of 2026, while also emphasising the importance of an ongoing review of members’ production capacities that will determine future output baselines from 2027.
Nigeria has welcomed the decision of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to maintain the current framework governing crude oil production until the end of 2026, while also emphasising the importance of an ongoing review of members’ production capacities that will determine future output baselines from 2027.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who led the Nigerian delegation to the 41st OPEC and non-OPEC Ministerial Meeting (ONOMM), the 66th Joint Ministerial Monitoring Committee (JMMC) meeting and the 193rd meeting of the OPEC Conference, said the meetings reaffirmed the production levels earlier agreed under the Declaration of Cooperation (DoC).
According to Lokpobiri, the participating countries agreed to retain the existing framework until December 31, 2026, while underscoring the need to conclude the assessment of the Maximum Sustainable Capacity (MSC) of all member countries.
The MSC assessment is expected to serve as the reference point for determining production baselines from 2027, a development that could have significant implications for Nigeria’s future oil output quota.
“We also noted the importance of completing the Maximum Sustainable Capacity (MSC) assessment for all DoC countries, which will serve as the reference point for determining production baselines from 2027. These deliberations reflect our shared commitment to ensuring market stability, transparency, and long-term sustainability within the global energy sector,” Lokpobiri stated.
The minister stressed that Nigeria has consistently maintained crude oil production within its assigned OPEC quota while at the same time strengthening its capacity to raise output.
According to him, the country’s ability to comply with existing production targets while expanding production capability places it in a favourable position ahead of future quota reviews.
“For Nigeria, it is particularly noteworthy that we have consistently maintained production within our OPEC quota while simultaneously strengthening our capacity to produce more. This balanced approach positions us to respond effectively to future opportunities while safeguarding the best economic interests of our people and supporting national development objectives,” he added.
The development came as OPEC+ on Sunday approved a fourth consecutive increase in oil output targets for a group of key producers, extending a gradual unwinding of earlier production cuts.
Under the latest decision, seven core members of the alliance agreed to raise their collective output target by 188,000 barrels per day from July, matching the increase approved for June.
The countries involved in the adjustment are: Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman.
The increase forms part of efforts to gradually reverse a 1.65 million barrels per day voluntary production cut agreed in 2023, although actual production levels across the group have remained constrained by supply disruptions and geopolitical tensions.
Despite the adjustment, ministers at a separate meeting involving all OPEC+ members made no changes to the production policy framework, which remains in force until the end of 2026.
The alliance also reiterated the importance of concluding the ongoing review of members’ oil production capacities, which will be used as the basis for setting production baselines and quotas from 2027.
