Nigeria expresses commitment to OPEC, OPEC+, oil market stability

…We recognize critical roles of OPEC, OPEC+ — Source

…Adjustment will be implemented in May 2026 — OPEC+

By Udeme Akpan, Energy Editor

Nigeria has expressed its commitment to the Organisation of Petroleum Exporting Countries (OPEC) and its alliance, OPEC+, toward maintaining global oil market stability.

OPEC, a permanent intergovernmental organisation, was created at the Baghdad Conference of September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to coordinate and unify petroleum policies among member countries.

Its objectives include securing fair and stable prices for petroleum producers, ensuring efficient and regular supply to consuming nations, and guaranteeing fair returns on investments in the industry.

The five founding members were later joined by several countries, including Indonesia, Nigeria, Ecuador, Angola, Gabon, Equatorial Guinea, and Congo.

However, some members, such as Qatar and the United Arab Emirates (UAE), have exited the organisation at different times to pursue national objectives, particularly to expand crude oil production and boost revenue generation.

Like OPEC, OPEC+—a broader alliance of oil-producing nations—was formed in late 2016. It brings together OPEC members and major non-OPEC producers, most notably Russia, to strengthen efforts aimed at stabilising the global oil market.

Checks by Vanguard indicate that prolonged instability arising from the ongoing US-Iran tensions has led to fluctuating crude oil prices, impacting the operations of OPEC, OPEC+, and the economies of member nations.

The findings also suggest that some producers exporters may be considering exiting the alliance to increase output and generate more revenue.

We recognize critical roles of OPEC, OPEC+ — Source

Reacting to the development, a source in the Ministry of Petroleum Resources said Nigeria remains firmly committed to the principles and objectives of the Declaration of Cooperation between OPEC and its allies under OPEC+.

The source noted that Nigeria’s position underscores its continued alignment with collective efforts to ensure stability in the global oil market.

He said: “Nigeria recognizes the critical role of OPEC and OPEC+ in managing oil supply, reducing market volatility, and fostering a more predictable pricing environment. These coordinated efforts are vital to sustaining global economic stability and supporting long-term energy development across producing and consuming nations.”

According to him, “Nigeria will maintain adherence to agreed production frameworks while constructively engaging with fellow member countries to strengthen cooperation and market balance.”

He added: “At the same time, national interest remains a key consideration in all decisions, ensuring that domestic economic priorities are not compromised.

“Overall, Nigeria’s position reflects a balanced approach—supporting OPEC and OPEC+ while safeguarding national economic interests within the evolving global energy landscape.”

Adjustment will be implemented in May 2026 — OPEC+

Findings show that the commitment of member nations may be tested this month as OPEC and OPEC+ intensify efforts to stabilise the volatile oil market.

In a recent statement, OPEC said: “The eight OPEC+ countries which previously announced additional voluntary adjustments in April and November 2023—namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman—met virtually on April 5, 2026, to review global market conditions and outlook.

“In their collective commitment to support oil market stability, the countries agreed to implement a production adjustment of 206,000 barrels per day from the 1.65 million barrels per day additional voluntary cuts announced in April 2023. This adjustment will take effect in May 2026.”

The organisation added that: “The 1.65 million barrels per day may be returned in part or in full, depending on evolving market conditions, and in a gradual manner.”

It further stated: “The countries will continue to closely monitor market conditions and reaffirm the need for a cautious approach, retaining flexibility to increase, pause, or reverse the phase-out of voluntary production adjustments, including the 2.2 million barrels per day cuts announced in November 2023.”

OPEC also noted that the measure would allow participating countries to accelerate compensation efforts and reiterated their commitment to full compliance with the Declaration of Cooperation, monitored by the Joint Ministerial Monitoring Committee (JMMC).