Crude Oil Production Capped at 1.5M Barrels till December 2026

Nigeria’s crude oil production quota has been capped at 1.5 million barrels per day (bpd) until December 2026, by the Organisation of Petroleum Exporting Countries, OPEC. This was the outcome of the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday. OPEC said eight countries within the wider OPEC+ alliance — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — agreed to pause previously planned production increases for the first quarter of 2026, citing seasonal demand patterns. Meanwhile, Oil prices rose on Monday after OPEC+ members reaffirmed their plan to hold output steady. Brent crude futures advanced $1.01, or to $63.39 a barrel at 0501 WAT. U.S. West Texas Intermediate crude gained $1, or to $59.55.