OPEC extends Nigeria’s 1.5m bpd quota for 2026
The Organisation of Petroleum Exporting Countries (OPEC) has upheld Nigeria’s oil production quota of 1.5 million barrels per day (bpd), extending the limit through December 2026.
The decision was announced in a statement released after the 40th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on Sunday. It follows a similar resolution made on December 5, 2024, when the cartel approved the same quota for Nigeria until 2026.
According to OPEC, the extension reaffirms the crude oil production levels previously agreed upon by participating OPEC and non-OPEC countries under the Declaration of Cooperation (DoC) at the group’s 38th ministerial meeting.
The organisation also reiterated that its Joint Ministerial Monitoring Committee (JMMC) will continue to assess global oil market conditions, production performance, and member countries’ compliance with the DoC. The OPEC Secretariat will provide technical support to the committee in carrying out this mandate.
OPEC further disclosed that participating countries have approved a new mechanism—developed by the Secretariat—to evaluate each member’s maximum sustainable production capacity (MSC). This mechanism will serve as the basis for determining 2027 production baselines for all DoC members.
The next OPEC and non-OPEC ministerial meeting is scheduled for June 7, 2026.
