Nigeria has reiterated its dedication to meeting crude oil production standards set by the Organisation of Petroleum Exporting Countries (OPEC) during the 38th meeting of the Joint Ministerial Monitoring Committee (JMMC).
The meeting, held to address strategies for maintaining global oil market stability, was attended by Ministers and Heads of Delegations, including Nigeria’s Minister of State for Petroleum, Heineken Lokpobiri, who led the country’s delegation.
In a statement released on Thursday by Nneamaka Okafor, Special Adviser on Media and Communications to the minister, Nigeria underscored its support for OPEC’s goals.
The meeting reaffirmed OPEC’s adherence to the principles of the Declaration of Cooperation (DoC), established in 2016, and extended through subsequent agreements.
This framework has been instrumental in balancing global supply and demand dynamics.
Among the key resolutions was the reaffirmation of crude oil production adjustments agreed upon during the 35th OPEC Ministerial Meeting.
These adjustments will remain in effect until December 31, 2026.
The ministers emphasized full compliance with production quotas and implementing a robust compensation mechanism to ensure market equilibrium.
For Nigeria, the resolutions provide a roadmap to achieving the 2025 production target of 2.06 million barrels per day, inclusive of condensates, as outlined in the nation’s draft 2025 Appropriation Bill.
“This meeting reflects the unity and resolve of OPEC and its partners to maintain stability and ensure a balanced market,” Lokpobiri said.
“Nigeria remains steadfast in supporting these efforts while pursuing our national objectives within the global energy landscape.”
The Federal Government also reaffirmed its commitment to fostering partnerships within OPEC and beyond, aiming to contribute to global energy security while ensuring the sustainable development of Nigeria’s oil resources.
“This pathway aligns Nigeria with global market trends and positions the country to leverage its resources effectively,” Lokpobiri added.
The meeting underscores OPEC’s dedication to global energy stability and highlights Nigeria’s active role in shaping the future of the oil market while pursuing its economic objectives.