Seven OPEC+ Producers Raise Output by 188k bpd Amid Global Market Uncertainty

Nigeria will not be affected by the decision of seven OPEC+ producers to increase their combined oil output by 188,000 barrels per day (bpd) in September 2026.

The countries involved in the increase - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - are implementing additional voluntary production cuts announced in April and November 2023.

Nigeria was not part of the meeting as it is not participating in the additional voluntary production adjustment arrangement, meaning its production plans remain unchanged.

The increase will provide an opportunity for the participating countries to accelerate their compensation for previous overproduction, according to the statement issued after the meeting.