OPEC extends Nigeria’s 1.5m bpd oil quota to 2026

The Organisation of Petroleum Exporting Countries (OPEC) has extended Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to 2026.

The organisation also extended the level of crude oil production for OPEC and non-OPEC participating countries as agreed at the 35th OPEC and non-OPEC Ministerial Meeting.

The Federal Government has unveiled a plan to produce 2.06 million barrels of crude per day in 2025, more than the 1.5mbpd oil production quota set by OPEC.

This was disclosed by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, in a statement issued by his media aide, Nnemaka Okafor.

According to the minister, the 2.06 million barrels per day production included in the 2025 Appropriation Bill includes condensate oil production.

According to him, the meeting “brought together ministers and heads of delegations to deliberate on critical strategies aimed at ensuring sustained stability in the global oil market.”

He underscored the critical importance of full conformity with production levels and the implementation of a robust compensation mechanism to enhance transparency and preserve market equilibrium.

“This meeting reflects the unity and resolve of OPEC and its partners to maintain stability and ensure a balanced market. Nigeria remains steadfast in supporting these efforts, while pursuing our national objectives within the global energy landscape,” Senator Lokpobiri stated.