Heineken Lokpobiri, minister of state for petroleum resources (oil), says the resolution of the Organisation of Petroleum Exporting Countries (OPEC) to extend Nigeria’s oil production quota is in line with the country’s output target.
On Thursday, the international body extended Nigeria’s oil output quota of 1.5 million barrels of crude per day (bpd) to 2026.
Reacting to the development, Lokpobiri said the quota complements Nigeria’s 2025 oil output benchmark of 2.06 million bpd.
“The 38th Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC convened today, gathering Ministers and Heads of Delegations to address strategies for global oil market stability,” Lokpobiri said
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“We reaffirmed our commitment to the Declaration of Cooperation (DoC), established in 2016 and reinforced through the Charter of Cooperation in 2019, as vital frameworks for balancing global supply and demand.
“Key outcomes included the continuation of crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, effective until December 31, 2026.”
The minister said full compliance with production levels and “a robust compensation mechanism were emphasized to enhance transparency and market equilibrium”.
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“For Nigeria, these resolutions align with our 2025 production target of 2.06 million barrels per day, inclusive of condensates, as outlined in the draft 2025 Appropriation Bill,” he said.
On November 13, OPEC said oil production increased marginally to 1.33 million bpd in October 2024.
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