… As Nigeria’s Production Pegged At 1.5m Barrels Per Day
OPEC and non-OPEC members have sustained current production output over fears of lower prices due to weak demand.
OPEC+ arrived at the decision on Thursday at the 38th OPEC and non-OPEC Ministerial Meeting.
According to a statement released by OPEC and seen by NewsNGR, members made the decision as a precautious and proactive approach to global reality.
Based on the document seen by NewsNGR, OPEC members will pump 24.135m barrels per day, Non-OPEC members will pump 15.590mbpd while OPEC+ production is pegged at 39.725mbpd.
Nigeria’s production quota is pegged at 1.5mbpd, the highest in the continent.
OPEC said members agreed to, “Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) as agreed in the 35th OPEC and non-OPEC Ministerial Meeting, as per the attached table until 31 December 2026.
“Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months.
“Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.”
OPEC also appealed to members to ensure full compliance to the production levels.
“Reiterate the critical importance of adhering to full conformity and compensation mechanism,” OPEC said.
Also, UAE required production has been increased by 300,00 barrels per day.
OPEC said the increase will be phased in gradually starting April 2025 until the end of September 2026.