OPEC Excludes Nigeria in Latest Oil Output Quota Adjustment

OPEC has once again adjusted crude oil output quotas, increasing production by a combined 206,000 barrels per day for eight member countries, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. This adjustment is part of a gradual unwinding of a 1.65 million barrels per day voluntary production cut announced in April 2023.

The increase will take effect in May 2026 and is contingent on market conditions. Notably, Nigeria, Africa's largest oil producer, has been excluded from this latest output adjustment due to its inability to consistently meet existing production quotas.

As of January 2024, Nigeria's OPEC quota is set at 1.5 million barrels per day, but it has repeatedly produced below this target, with recent outputs recorded at approximately 1.42 million barrels per day. The country has occasionally met or slightly exceeded its quota in isolated months, but overall compliance remains a concern.