OPEC+ increases oil production quota to stabilize market

By Udeme Akpan, Energy Editor

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have increased the oil production quota of member countries in a bid to stabilize the global oil market.

This decision comes amid persistent volatility in the global oil market, with crude oil prices rising from about $100 per barrel to over $120 per barrel in recent times.

Following a crucial virtual meeting held on May 3, 2026, key OPEC+ members—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—agreed to adjust production levels and reaffirmed their commitment to maintaining market stability.

In a statement issued after the meeting, the group said: “The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023… met virtually on 3 May 2026 to review global market conditions and outlook.

“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023.

“This adjustment will be implemented in June 2026. The additional voluntary adjustments… may be returned in part or in full, subject to evolving market conditions and in a gradual manner.”

The group emphasized that it would continue to closely monitor market developments and maintain flexibility to increase, pause, or reverse production adjustments where necessary.

It also noted that the measure would allow participating countries to accelerate compensation for any overproduction since January 2024. Compliance with the Declaration of Cooperation will continue to be monitored by the Joint Ministerial Monitoring Committee (JMMC).

The countries reaffirmed their commitment to full compliance and announced plans to hold monthly meetings to assess market conditions, conformity, and compensation levels. The next meeting is scheduled for June 7, 2026.

Meanwhile, Nigeria has reiterated its commitment to OPEC and OPEC+ in support of global oil market stability.

A source in the Ministry of Petroleum Resources stated that Nigeria remains firmly aligned with the principles and objectives of the Declaration of Cooperation.

According to the source: “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.”

The source added that Nigeria would continue to adhere to agreed production frameworks while engaging constructively with other member countries.

“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.”

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