OPEC+ maintains output as Nigeria seeks higher production

By Udeme Akpan, Energy Editor The Organisation of the Petroleum Exporting Countries and its allies, OPEC+, has maintained October oil production levels for seven major producers, as Nigeria seeks to increase crude output and strengthen its revenues from the global oil market. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed at a virtual meeting on September 6, 2026, to maintain their September 2026 required production levels for October after reviewing global market conditions and the outlook. The seven producers, which had previously announced additional voluntary production adjustments in April and November 2023, also reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation.

They said they would continue to hold monthly meetings to review market conditions, with the next meeting scheduled for October 4. For Nigeria, the decision comes as the country seeks to raise crude production, increase foreign exchange earnings and strengthen government finances. Nigeria is not among the seven countries covered by the latest voluntary adjustment but remains part of the wider OPEC+ framework.

Its immediate challenge is to maximise production within its approved allocation while attracting the investment required to increase sustainable output. Nigeria has significant crude reserves but has struggled to translate its resource base into consistent production. Crude theft, pipeline vandalism, ageing infrastructure, underinvestment and operational disruptions have repeatedly affected output.

Recent improvements in production have demonstrated the potential for higher output, but sustaining those gains remains critical. Higher international oil prices resulting from supply discipline among OPEC+ producers could benefit Nigeria by increasing the value of each exported barrel. However, the country would need to sustain and increase production to fully benefit from stronger prices.

Restoring shut-in production and resolving operational constraints across producing assets are therefore critical to increasing output. Nigeria must also accelerate new upstream developments and improve recovery from mature fields if it is to move beyond its current production levels. Higher crude production could strengthen the country’s fiscal and external position, given its dependence on oil for government revenue and foreign exchange e…