OPEC+ Raises Output by 188,000 bpd Amid Global Oil Market Stability Efforts

Nigeria's crude oil production plans remain unchanged as seven OPEC+ countries agree to increase their combined output by 188,000 barrels per day (bpd) in September 2026.

The decision was made during a virtual meeting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which are implementing additional voluntary production cuts announced in April and November 2023.

Nigeria is not participating in the extra voluntary production adjustment arrangement, so it's unaffected by this latest output increase.

The seven countries emphasized that they had reviewed global market conditions before deciding to boost production, with a communiqué stating that 'In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.'

This increase will take effect in September 2026 and is expected to provide an opportunity for these countries to accelerate compensation for previous overproduction.