OPEC Rolls Over Nigeria’s 1.5 Million BPD Oil Output for 2026, Emphasises Market Stability

Nigeria’s oil production will remain at 1.5 million barrels per day (bpd) through December 2026, following OPEC’s decision to maintain output levels for member countries in a bid to stabilise the global oil market.

In a statement on Sunday, the Organisation of Petroleum Exporting Countries said the rollover aligns with the Declaration of Cooperation (DoC), originally signed in December 2016, and reaffirmed in subsequent meetings. The decision covers both OPEC and non-OPEC participating countries, and production levels agreed at the 38th OPEC and non-OPEC Ministerial Meeting will remain in effect until the end of 2026.

The Joint Ministerial Monitoring Committee (JMMC) will continue to monitor global oil market conditions, production conformity, and implement adjustments as necessary, meeting every two months. OPEC also approved a mechanism to assess each country’s maximum sustainable production capacity (MSC) to guide 2027 production baselines. The 41st Ministerial Meeting is scheduled for June 7, 2026, to review progress on the organisation’s objectives.

Additionally, eight OPEC+ countries – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – reaffirmed their commitment to market stability during a virtual meeting on November 30, 2025. The group confirmed a pause on production increases in January, February, and March 2026 due to seasonal factors, while retaining flexibility to resume or adjust production depending on market developments.

The OPEC+ bloc also pledged full compliance with the DoC, including voluntary production adjustments announced in 2023, and committed to compensating for any overproduction since January 2024. Monthly reviews will continue, with the next meeting set for January 4, 2026.

OPEC stressed that these measures are aimed at ensuring global oil market stability, maintaining low inventories, and supporting a steady economic outlook worldwide.