Members of the Organisation of Petroleum Exporting Countries and its allies (OPEC) have increased their crude oil production levels, with Nigeria being exempted from the new increase in order to stabilise the international oil market.
In a weekend meeting, eight nations, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, have consented to increase their oil production by a total of 206,000 barrels per day beginning in May 2026.
This comes in the wake of efforts by the OPEC members to unwind the 1.65 million voluntary reductions in production announced in April 2023. The rate of increase will depend on the situation in the oil market, according to OPEC.
Nigeria, despite being Africa’s largest oil producer, was excluded from the latest adjustment. The decision highlights a recurring issue for the country within the OPEC framework: its struggle to consistently meet its assigned production quota.
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Under the current arrangement, Nigeria’s quota stands at 1.5 million barrels per day. However, the country has frequently fallen short of this target. Output stood at about 1.45 million bpd in January 2026, dropped to around 1.3 million bpd in February, and was roughly 1.42 million bpd in December 2025.
Although Nigeria has occasionally met or slightly exceeded its quota, such as in January and July 2025, these instances have been rare and short-lived.
OPEC reaffirmed its commitment to maintaining market stability and ensuring full compliance with the Declaration of Cooperation. The group also said production levels would continue to be closely monitored, with member countries expected to make up for any excess output recorded since January 2024.
