Nigeria Affirms Crude Oil Production Goals Amid OPEC Quotas
Nigeria’s plan to achieve a crude oil production target of 2.06 million barrels per day by 2025 remains firmly on track, according to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri. This assurance comes despite the Organisation of Petroleum Exporting Countries (OPEC) maintaining a 1.5 million barrels per day production quota for the country.
Speaking after the 38th meeting of OPEC’s Joint Ministerial Monitoring Committee, Lokpobiri reaffirmed Nigeria’s commitment to sustaining global oil market stability. The minister emphasised that the ambitious 2025 production goal, outlined in the nation’s draft appropriation bill, includes condensate oil output, allowing Nigeria to work within OPEC’s framework while advancing its domestic energy objectives.
The meeting, attended by ministers and delegation leaders, focused on strategies to preserve equilibrium in global supply and demand dynamics. Lokpobiri highlighted Nigeria’s unwavering alignment with OPEC’s Declaration of Cooperation, a guiding principle for the group’s production strategies since 2016, and reiterated Nigeria’s support for extending the current production adjustments until December 31, 2026.
Lokpobiri stated that OPEC’s collaborative framework offers Nigeria a clear path to leveraging its resources while navigating the complexities of the global energy market. “This meeting reflects the unity and resolve of OPEC and its partners to maintain stability and ensure a balanced market,” he noted, adding that Nigeria remains steadfast in supporting these efforts while pursuing its national priorities.
The statement from Lokpobiri’s office also reaffirmed the Federal Government’s commitment to fostering partnerships within OPEC and beyond, ensuring that Nigeria contributes meaningfully to global energy security while advancing the sustainable development of its oil resources. The country’s participation in OPEC’s cooperative initiatives signals a dual commitment to price stability and achieving its long-term production goals, despite external constraints.
