Nigeria will retain 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) beginning in September 2026. The decision was reached during a virtual meeting involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, countries implementing additional voluntary production cuts introduced in April and November 2023 to stabilise the global oil market.
However, the latest production adjustment does not affect Nigeria OPEC output plans because the country is not participating in the additional voluntary production reduction arrangement. Instead, Nigeria continues to operate under its production allocation established through the broader Declaration of Cooperation (DoC) between OPEC and its allies.
In a communiqué issued after the meeting, the participating countries said they reviewed global oil market conditions before approving the increase. The producers stated that the additional 188,000 bpd adjustment is intended to support market stability while allowing participating countries to accelerate compensation for previous overproduction.
The group also reaffirmed its commitment to full compliance with the Declaration of Cooperation, noting that production levels would continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC). According to the communiqué, member countries also intend to fully compensate for any production volumes that exceeded agreed quotas since January 2024.
For Nigeria, the latest decision means there will be no revision to its current production obligations.
The country is expected to continue efforts aimed at increasing crude oil production within its approved OPEC quota through improved pipeline security, reduced crude theft, renewed upstream investments and the reactivation of previously inactive oil fields. The development provides additional support for Nigeria OPEC output ambitions, particularly as the Federal Government seeks to strengthen oil revenues and meet its 2026 budget assumptions.
Industry observers believe the modest increase demonstrates OPEC+’s cautious approach to expanding supply amid lingering uncertainties surrounding global oil demand and geopolitical developments.
Maintaining stable crude oil prices remains crucial for Nigeria, where petroleum exports generate the bulk of foreign exchange earnings and account for a significant share of government revenue. The participating countries also agreed to continue monthly consultations to assess market conditions and determine whether further production adjustments would be necessary. Their next meeting has been scheduled for September 6, 2026.
Meanwhile, Nigeria joined other key members of the OPEC+ alliance in reaffirming their commitment to preserving stability in the international oil market during the 67th Meeting of the Joint Ministerial Monitoring Committee (JMMC) held via videoconference.
The committee which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela, reviewed recent developments in the global energy sector and warned that attacks on energy infrastructure and disruptions to international maritime routes continue to pose serious risks to global crude oil supplies. Members reiterated their commitment to sustained cooperation under the Declaration of Cooperation, describing coordinated production policies as essential to maintaining balance and stability in the global oil market.
