The Organisation of Petroleum Exporting Countries (OPEC) has extended Nigeria’s production quota of 1.5 million barrels of crude per day (bpd) to 2025.
The extension was announced at the organisation’s 37th ministerial meeting, held at the weekend.
In its November 2023 ministerial meeting, OPEC increased Nigeria’s production level to 1.5 million bpd for 2024, and agreed at the just held meeting that Nigeria’s production level of 1.5 million bpd should be maintained from January 1, 2025 to December 31, 2025.
Consequently, the oil alliance extended the level of overall crude oil production for OPEC and non-OPEC participating countries in the declaration of cooperation (DOC) “starting known 1 January 2025 until 31 December 2025”.
The group put the total monthly oil production quota (for all member countries) at 39.72 million bpd — comprising 24.13 million for OPEC countries and 15.59 million for non-OPEC countries.
OPEC also extended the assessment period “by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels.”
