Nigeria spared as seven OPEC+ producers raise output by 188,000 bpd
By Udeme Akpan, Energy Editor
Nigeria will continue its current crude oil production strategy following a decision by seven members of the OPEC+ alliance to increase their combined oil output by 188,000 barrels per day (bpd) starting September 2026. This move aims to ensure stability in the global oil market.
The agreement was reached during a virtual meeting on Sunday involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These countries are implementing additional voluntary production cuts first announced in April and November 2023.
Nigeria was not included in the discussions because it is not participating in the recent voluntary production adjustments, which means the output increase announced will not impact its production plans. Instead, Nigeria will adhere to its production target set under the broader Declaration of Cooperation (DoC) established by OPEC and its allies.
In a communiqué released after the meeting, the seven countries stated they had “reviewed global market conditions and outlook” prior to the decision to raise production. The statement highlighted their “collective commitment to support oil market stability” through the 188,000 bpd adjustment.
The producers indicated this increase would allow them to compensate for previous overproduction. They reiterated their dedication to achieving full conformity with the Declaration of Cooperation and the additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC). The countries also expressed their intention to fully compensate for any overproduced volume since January 2024.
For Nigeria, the outcome means its production obligations remain unchanged, enabling the nation to continue efforts to increase crude output within its OPEC allocation. The country aims to boost production through enhanced pipeline security, reduced oil theft, increased upstream investments, and the reactivation of idle oil fields.
This latest OPEC+ decision could provide economic relief for Nigeria, which is heavily reliant on oil exports for foreign exchange earnings and government revenue. Stable oil prices are crucial for Nigeria’s fiscal health.
Despite the agreed increase in supply, analysts suggest the modest adjustment reflects OPEC+’s cautious approach to production growth amid uncertainties regarding global demand and geopolitical factors. The communiqué emphasized that participating countries will hold monthly meetings to assess market conditions, demonstrating their willingness to adapt to changes in the global oil landscape.
The next meeting of the seven OPEC+ members is scheduled for September 6, 2026, at which time they will evaluate market conditions and consider further production adjustments.
Meanwhile, Nigeria and other key members of the OPEC+ alliance have reiterated their commitment to ensuring stability in the global oil market. They warned that attacks on energy infrastructure and disruptions to international maritime routes significantly threaten energy security and crude oil supplies.
This position was detailed in a communiqué following the 67th Meeting of the Joint Ministerial Monitoring Committee (JMMC), held via videoconference on Monday. The committee, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela, underscored the importance of ongoing cooperation under the Declaration of Cooperation framework.
