Nigeria is not among the eight countries of the Organisation of Petroleum Exporting Countries and its Allies (OPEC+) that yesterday agreed to increase their crude oil production totalling 206,000 barrels per day for April. This followed the disruption of oil flows in the Middle East following the United States-Israeli military operation in Iran and Tehran’s retaliatory attacks.
The benefiting countries are Saudi Arabia to increase its production by 62,000 barrels per day, now supplying 10.166million barrels per day; Russia, 62,000b/d totalling 9.637mbpd; Iraq, 26,000b/d totalling 4.299mbpd; UAE, 18,000b/d totalling 3.429mbpd; Kuwait, 16,000b/d totalling 2.596mbpd; Kazakhstan, 10,000b/d totalling 1.579mbpd; Algeria, 6,000b/d totalling 977,000b/d and Oman, 5,000b/d totalling 815,000b/d. Nigeria has been unable for many months to meet its 1.5mbpd quota of OPEC.
The country produced 1.436mbpd in November 2025; 1.422mbpd in December 2025 and 1.459mbpd in January. OPEC did not attribute the production increase agreement to the US-Israeli war on Iran and Iran’s retaliation.
However, oil, gas and other shipments from the Middle East through the Strait of Hormuz have been halted since Saturday after ship-owners received a warning from Iran that the area was closed for navigation. Sources said hundreds of ships dropped anchor and were not moving yesterday.
It is anticipated that the development will lead to a significant spike in global oil prices as Hormuz is the world’s most important oil route, accounting for over 20 per cent of global oil transit. OPEC confirmed the adjustment in a statement.
It read: “The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 1, 2026, to review global market conditions and outlook.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206 thousand barrels per day.
“This adjustment will be implemented in April 2026. “The 1.65 million barrels per day may be returned in part or in full, subject to evolving market conditions and in a gradual manner.
“The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.”
