Nigeria's Ministry of Petroleum Resources has reaffirmed the country's commitment to the Declaration of Cooperation (DoC) framework of OPEC and its allies, known as OPEC+. The statement, issued on May 2, 2026, emphasizes Nigeria's dedication to the principles and objectives of the agreement, which aims to stabilize global oil markets through coordinated production adjustments.
The reaffirmation comes amid ongoing discussions within OPEC+ about production quotas and compliance levels. Nigeria, as a key member, has historically faced challenges in meeting its allocated production targets due to underinvestment and operational issues. However, the ministry's statement signals a renewed focus on adherence to the agreed-upon output levels.
Industry analysts note that Nigeria's commitment is crucial for the cohesion of the OPEC+ alliance, which has been instrumental in managing oil supply and prices since its formation in 2016. The country's oil production capacity has been a subject of scrutiny, with recent data indicating fluctuations in output.
The ministry did not provide specific production figures or targets in the statement, but reiterated Nigeria's support for the group's collective decisions. The next OPEC+ meeting is scheduled for June 2026, where members will review market conditions and adjust production policies as needed.
