OPEC has confirmed that Nigeria will continue with its current oil production limit of 1.5 million barrels per day. This quota, alongside those of other member nations, will be maintained until the end of 2026 in a strategic effort to support steady global oil markets.
The decision, resulting from the latest meeting of OPEC and its allied oil-producing partners, reaffirms the group's existing output targets. The agreement extends the framework of the Declaration of Cooperation (DoC), a pact originally established in 2016 between OPEC and non-OPEC countries to jointly manage supply.
Key elements of the agreement include:
· A formal reaffirmation of the total crude production levels for all participating nations until December 31, 2026.
· Continued oversight by the Joint Ministerial Monitoring Committee (JMMC), which will assess market conditions and compliance bi-monthly.
· A reinforced emphasis on all members adhering strictly to their assigned quotas, including the use of a compensation plan for any countries that exceed their production limits.
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