OPEC and its allies, including Russia, have agreed to keep Nigeria’s crude‑oil production quota at 1.5 million barrels per day (bpd) through December 2026. The decision, announced after the 40th OPEC and non‑OPEC Ministerial Meeting, reaffirms a prior decision made in late 2024 and confirms that overall production levels will be maintained for countries participating in the Declaration of Cooperation (DoC).
Eight OPEC+ members—among them Saudi Arabia, Russia and Iraq—have also agreed to pause previously planned production increases for the first quarter of 2026. This pause responds to seasonal demand patterns, and the countries will continue to defer a 137,000 bpd increase that had been scheduled for December 2025. The 1.65 million bpd of voluntary cuts may be restored “in part or in full” depending on market conditions, and any reinstatement will be gradual.
OPEC has endorsed a new mechanism to assess each country’s maximum sustainable production capacity, which will form the basis for setting 2027 production baselines. The joint ministerial monitoring committee will keep reviewing market conditions, conformity levels and output compliance, with the next ministerial meeting slated for 7 June 2026. The OPEC+ alliance has pledged to fully compensate for any overproduction recorded since January 2024, meeting monthly to review market dynamics, compliance and compensation progress; the next such meeting is set for 4 January 2026.
Following the announcement, oil prices rose on Monday. Brent crude futures advanced $1.01, or 1.62 %, to $63.39 a barrel, while U.S. West Texas Intermediate gained $1.00, or 1.71 %, to $59.55. The increase came after both contracts had settled lower on Friday for the fourth consecutive month—their longest losing streak since 2023—amid expectations that higher global supply would weigh on prices. The OPEC+ decision is expected to have a significant impact on the global oil market, and the June 2026 meeting will be closely watched for any changes to production levels.
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