The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) have approved a fresh crude oil production increase for eight member countries while Nigeria remains excluded from the latest adjustment as the group works to stabilise the global oil market.
At a virtual meeting held over the weekend the coalition comprising Saudi Arabia Russia Iraq the United Arab Emirates Kuwait Kazakhstan Algeria and Oman agreed to raise their combined output by 206000 barrels per day starting in May 2026.
The decision forms part of a gradual rollback of the 1.65 million barrels per day voluntary production cuts first introduced in April 2023. The alliance noted that the pace of the increase could be adjusted depending on market conditions reflecting a cautious approach to supply management.
Nigeria Africa largest oil producer was not included among countries benefiting from the latest increase highlighting continued concerns about its ability to consistently meet its assigned production quota.
Under the current arrangement Nigeria production target is set at 1.5 million barrels per day. However recent figures show output has remained below this level. Production stood at about 1.45 million barrels per day in January 2026 compared to roughly 1.42 million barrels per day in December 2025 before declining further to around 1.3 million barrels per day in February.
Although Nigeria has occasionally met or slightly exceeded its quota in isolated months such as January and July 2025 these instances have not been sustained.
The group reaffirmed its commitment to maintaining market stability and full compliance with the Declaration of Cooperation while also agreeing to compensate for any excess production recorded since January 2024. Monitoring will continue under the Joint Ministerial Monitoring Committee.
The latest decision reinforces a trend where output increases are allocated to countries with stronger compliance records while those struggling to meet targets remain outside such adjustments.