The Organization of the Petroleum Producing and Exporting Countries (OPEC) has extended Nigeria’s crude oil production quota of 1.5 million barrels per day to 2026.
Following the recent 38th meeting of the OPEC and non-OPEC Ministerial Committee held virtually on December 5, 2024, after its postponement in November, several decisions were reached, among which is the setting of crude oil production Quotas for countries.
In OPEC’s press release dated December 5, 2024 – In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precauious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:
- Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.
- Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as agreed in the 35th OPEC and non-OPEC Ministerial Meeting, as per the attached table until 31 December 2026.
- Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months.
- Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.
- Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
- Reaffirm that the DoC conformity is to be monitored considering crude oil production, using the average of the approved seven secondary sources, and according to the methodology applied for OPEC Member Countries.
- Reiterate the critical importance of adhering to full conformity and compensation mechanism.
- Extend the assessment period by the three independent sources to the beginning of November 2026, to be used as guidance for 2027 reference production levels.
- The countries participating in the Declaration of Cooperation (DoC) express their deepest gratitude to the Kingdom of Saudi Arabia for its exceptional leadership and unwavering commitment to global oil market stability. Under the chairmanship of HRH Prince Abdulaziz bin Salman Al Saud, the DoC countries have navigated challenges with strategic vision, fostering cohesion through consensus building efforts and ensuring balance and transparency in the oil market.
The 39th OPEC and non-OPEC Ministerial Meeting will be held on 28 May 2025.
