OPEC and its allies, including Russia, have agreed to maintain Nigeria’s crude oil production quota at 1.5 million barrels per day (bpd) until December 2026. This decision, announced after the 40th OPEC and non-OPEC Ministerial Meeting, reaffirms a previous decision made in late 2024. The meeting resulted in an agreement to retain overall production levels for countries participating in the Declaration of Cooperation (DoC).
The decision comes as eight countries within the OPEC+ alliance, including Saudi Arabia, Russia, and Iraq, have agreed to pause previously planned production increases for the first quarter of 2026. This move is in response to seasonal demand patterns, and these countries will continue to hold back a 137,000 bpd increase scheduled for December 2025. The 1.65 million bpd in voluntary cuts may be restored “in part or in full” depending on market conditions, and in a gradual manner.
OPEC has also endorsed a new mechanism to assess countries’ maximum sustainable production capacity, which will serve as the basis for determining 2027 production baselines. The joint ministerial monitoring committee will continue to review market conditions, conformity levels, and output compliance, with the next ministerial meeting scheduled for June 7, 2026.
The OPEC+ alliance has committed to fully compensating for any overproduction recorded since January 2024. The group will meet monthly to review market dynamics, compliance levels, and compensation progress, with the next meeting set for January 4, 2026.
In response to the announcement, oil prices rose on Monday, with Brent crude futures advancing $1.01, or 1.62%, to $63.39 a barrel, and U.S. West Texas Intermediate crude gaining $1, or 1.71%, to $59.55. This increase comes after both contracts settled down on Friday for the fourth straight month, their longest losing streak since 2023, due to expectations of higher global supply weighing on prices. The OPEC+ decision is expected to have a significant impact on the global oil market, and the next meeting in June 2026 will be closely watched for any changes to production levels.