Eight top producers freeze planned 2026 increases as OPEC+ responds to demand patterns; oil prices climb on the decision.
The Organisation of the Petroleum Exporting Countries (OPEC) and its partners in the wider OPEC+ coalition, including Russia, have confirmed that Nigeria’s crude oil production quota will remain fixed at 1.5 million barrels per day (bpd) until December 2026.
The decision, which upholds an agreement first reached in late 2024, was formally announced after the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday. Member nations signed off on keeping overall production levels unchanged for all countries participating in the Declaration of Cooperation (DoC).
In a separate communiqué, OPEC disclosed that eight major producers Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have opted to delay their previously scheduled output increases for the first quarter of 2026. The group cited typical seasonal demand patterns as the reason for freezing the planned expansion.
These countries had earlier introduced additional voluntary cuts in 2023 and were expected to roll back 137,000 bpd of those reductions in December 2025. According to OPEC, that increase will now remain suspended. The alliance also reaffirmed that its 1.65 million bpd in voluntary reductions could be restored “in part or in full,” depending on evolving market conditions, and only through a gradual process.
The group further stated that all participating countries are required to compensate fully for any overproduction recorded since January 2024.
During the meeting, OPEC endorsed a new mechanism developed by its Secretariat to determine each country’s maximum sustainable production capacity, a benchmark that will guide the establishment of 2027 production baselines.
Oversight will continue through OPEC’s joint ministerial monitoring committee, which is expected to track market trends, compliance, and conformity levels. The next ministerial gathering is scheduled for June 7, 2026, while the eight voluntarily cutting members will hold monthly reviews, with their next session set for January 4, 2026.
Oil prices climbed on Monday following the announcement. Brent crude rose by $1.01 (1.62%) to $63.39 per barrel as of 05:01 WAT, while U.S. West Texas Intermediate (WTI) increased $1 (1.71%) to $59.55. Both benchmarks had closed lower on Friday, marking their fourth consecutive monthly decline, the longest losing streak since 2023 amid expectations of higher global supply.
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