The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has affirmed that Nigeria’s plan to produce 2.06 million barrels of crude oil per day by 2025 remains on course, despite the 1.5 million barrels per day (mbpd) production quota set by the Organisation of Petroleum Exporting Countries (OPEC).

This announcement comes as oil-producing nations reaffirm their commitment to maintaining the crude oil production adjustments agreed upon during the 35th OPEC Ministerial Meeting, which will remain in effect until December 31, 2026.

In a statement issued by his media aide, Nnemaka Okafor, following the 38th meeting of the Joint Ministerial Monitoring Committee of OPEC, Lokpobiri reiterated Nigeria’s dedication to maintaining price stability.

The meeting brought together ministers and heads of delegations to discuss critical strategies aimed at ensuring sustained stability in the global oil market.

During his address, Lokpobiri explained that the 2.06 million barrels per day production target included in the 2025 Appropriation Bill encompasses condensate oil production.

He noted that the discussions underscored the unwavering commitment of OPEC and non-OPEC member countries to the principles of the Declaration of Cooperation, first established in 2016 and reinforced through subsequent extensions, including the adoption of the Charter of Cooperation in 2019. This framework remains a cornerstone of OPEC’s strategic approach to balancing global supply and demand dynamics.

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The statement highlighted key outcomes of the meeting, including the reaffirmation of the crude oil production adjustments agreed upon during the 35th OPEC Ministerial Meeting, which will remain in effect until December 31, 2026. Ministers emphasized the critical importance of full conformity with production levels and the implementation of a robust compensation mechanism to enhance transparency and preserve market equilibrium.

For Nigeria, these resolutions provide a strategic pathway to achieving the nation’s 2025 production target of 2.06 million barrels per day (inclusive of condensates), as outlined in the draft 2025 Appropriation Bill. This positions the country to leverage its resources effectively while aligning with global market trends.

Speaking on the outcomes of the meeting, Lokpobiri, who led the Nigerian delegation, reiterated Nigeria’s commitment to the Declaration of Cooperation and emphasized the critical role of collaborative efforts in ensuring a balanced and sustainable oil market.

“This meeting reflects the unity and resolve of OPEC and its partners to maintain stability and ensure a balanced market. Nigeria remains steadfast in supporting these efforts while pursuing our national objectives within the global energy landscape,” Lokpobiri stated.

“The Federal Government of Nigeria remains dedicated to fostering partnerships within OPEC and beyond, contributing to global energy security while ensuring the sustainable development of its resources,” the statement concluded.