Nigeria will maintain its current crude oil production strategy after seven members of the OPEC+ alliance agreed to raise their combined oil output by 188,000 barrels per day (bpd) beginning in September 2026. The latest production adjustment is expected to support stability in the global oil market without affecting Nigeria’s existing production plans.
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 2023. Unlike those participating in the voluntary adjustment arrangement, Nigeria was not part of the meeting, meaning the country’s production obligations remain unchanged. Instead, Nigeria continues to operate under the broader Declaration of Cooperation (DoC) agreed by OPEC and its allies.
In a communiqué issued after the meeting, the participating countries said they reviewed current global market conditions before agreeing to implement an additional 188,000 bpd production increase from September 2026.
According to the producers, the adjustment is intended to maintain oil market stability while allowing participating countries to gradually compensate for previous overproduction recorded since January 2024. They reaffirmed their commitment to complying fully with the Declaration of Cooperation and confirmed that production levels would continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).
For Nigeria, the latest decision means there is no adjustment to its crude oil production target. The country will continue efforts to increase production within its approved OPEC allocation through improved pipeline security, reduced crude oil theft, renewed upstream investments, and the reactivation of dormant oil fields. This approach remains central to Nigeria’s strategy of strengthening crude output while complying with existing OPEC production limits.
The cautious production increase by the seven OPEC+ members is expected to help reduce excessive volatility in international crude oil prices. For Nigeria, relatively stable oil prices remain crucial because crude exports account for a significant share of government revenue and foreign exchange earnings. Analysts also believe the modest increase reflects OPEC+’s continued caution amid uncertainties surrounding global oil demand, economic conditions, and geopolitical developments.
The participating countries confirmed they would continue holding monthly meetings to monitor developments in the international oil market and determine whether additional production adjustments become necessary. Their next meeting is scheduled for September 6, 2026, when they will assess market conditions before making further supply decisions.
Meanwhile, Nigeria joined other leading OPEC+ members in reaffirming support for maintaining stability in global energy markets during the 67th Joint Ministerial Monitoring Committee (JMMC) meeting held via videoconference.
The committee, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria, and Venezuela, warned that attacks on energy infrastructure and disruptions to international maritime routes continue to pose significant risks to global energy security and crude oil supplies. Members reiterated their commitment to continued cooperation under the Declaration of Cooperation to ensure a balanced and stable global oil market.
