Nigeria Backs OPEC’s Capacity Review as Cartel Raises Output
Emmanuel Addeh in Abuja
Nigeria has welcomed the decision of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to maintain the current framework governing crude oil production until the end of 2026, while also emphasising the importance of an ongoing review of members’ production capacities that will determine future output baselines from 2027.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who led the Nigerian delegation to the 41st OPEC and non-OPEC Ministerial Meeting (ONOMM), the 66th Joint Ministerial Monitoring Committee (JMMC) meeting and the 193rd meeting of the OPEC Conference, said the meetings reaffirmed the production levels earlier agreed under the Declaration of Cooperation (DoC).
According to Lokpobiri, the participating countries agreed to retain the existing framework until December 31, 2026, while underscoring the need to conclude the assessment of the Maximum Sustainable Capacity (MSC) of all member countries.
