OPEC+ postpones ministerial meeting to December 5

The Organisation of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, has postponed its ministerial meeting to December 5.

In a statement on Thursday, the oil alliance said the meeting was initially slated for December 1.

According to the international organisation, the meeting was rescheduled because some ministers would be attending the 45th Gulf Summit in Kuwait.

“The 57th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM), originally planned for 1 December 2024, have been rescheduled to Thursday, 5 December 2024, via videoconference, as several Ministers will be attending the 45th Gulf Summit in Kuwait City, the State of Kuwait,” the statement reads.

At its last meeting on October 2, OPEC said Nigeria should maintain the production level of 1.5 million barrels of crude per day (bpd) till December 31, 2025.

Speaking after the meeting, Heineken Lokpobiri, minister of state for petroleum resources (oil), said Nigeria remains fully committed to the objectives of the body’s declaration of cooperation (DoC).

“Nigeria remains fully committed to the objectives of the DoC, and I can confidently confirm that our country is in conformity with the agreed production limits,” he said.

“While we continue to ramp up production in line with our national interests, we are doing so within the framework of OPEC’s guidelines, as we remain committed to balancing responsible production with our economic goals, and continue to meet our obligations under the DoC.”

On November 13, OPEC said Nigeria’s average daily crude oil production increased marginally to 1.33 million bpd in October 2024.