The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, has stated that the plan to produce 2.06 million barrels of crude oil per day in 2025 remains on course despite the 1.5mbpd oil production quota set by the Organisation of Petroleum Exporting Countries.
This was as oil-producing countries confirmed their commitment to maintaining the crude oil production adjustments agreed upon during the 35th OPEC Ministerial Meeting until December 31, 2026.
Lokpobiri in a statement issued by his media aide, Nnemaka Okafor, after the 38th meeting of the Joint Ministerial Monitoring Committee of OPEC on Thursday, reaffirmed the country’s commitment to maintaining price stability.
The meeting brought together ministers and heads of delegations to deliberate on critical strategies aimed at ensuring sustained stability in the global oil market.
Speaking in his address, the minister explained that the 2.06 million barrels per day production included in the 2025 Appropriation Bill includes condensate oil production.
He said the meeting “brought together Ministers and Heads of Delegations to deliberate on critical strategies aimed at ensuring sustained stability in the global oil market.
He also noted that the discussions underscored the unwavering commitment of OPEC and non-OPEC member countries to the principles of the Declaration of Cooperation, first established in 2016 and reinforced through subsequent extensions, including adopting the Charter of Cooperation in 2019.
It noted that the framework remains a cornerstone of OPEC’s strategic approach to balancing global supply and demand dynamics.
The statement partly reads, “Among the key outcomes of the meeting was reaffirming the crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, which will remain in effect until December 31, 2026. Ministers emphasised the critical importance of full conformity with production levels and the implementation of a robust compensation mechanism to enhance transparency and preserve market equilibrium.
“For Nigeria, these resolutions provide a strategic pathway to achieving the nation’s 2025 production target of 2.06 million barrels per day (inclusive of condensates), as outlined in the draft 2025 Appropriation Bill, positioning the country to leverage its resources effectively while aligning with global market trends.”
The statement added that while speaking on the outcomes of the meeting, Lokpobiri, who led the Nigerian delegation, reiterated Nigeria’s commitment to the DoC and emphasised the critical role of collaborative efforts in ensuring a balanced and sustainable oil market.
“This meeting reflects the unity and resolve of OPEC and its partners to maintain stability and ensure a balanced market. Nigeria remains steadfast in supporting these efforts while pursuing our national objectives within the global energy landscape.
“The Federal Government of Nigeria remains dedicated to fostering partnerships within OPEC and beyond, contributing to global energy security while ensuring the sustainable development of its resources”, the statement concluded.
