The Organisation of the Petroleum Exporting Countries (OPEC) has reaffirmed its commitment towards ensuring a sustained stability in the global oil market.
OPEC stated this during its 38th meeting of the Joint Ministerial Monitoring Committee (JMMC), held virtually on Thursday, December 6th. The meeting brought together Ministers and Heads of Delegations to deliberate on critical strategies aimed at moving the global market forward.
A statement signed by Special Adviser, Media and Communications to the Minister of Petroleum Resources (Oil) Nneamaka Okafor, notes that the discussions underscored the unwavering commitment of OPEC and non-OPEC member countries to the principles of the Declaration of Cooperation (DoC), first established in 2016 and reinforced through subsequent extensions, including adopting the Charter of Cooperation in 2019. This framework remains a cornerstone of OPEC’s strategic approach to balancing global supply and demand dynamics.
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 emphasized 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.
Speaking on the outcomes of the meeting, Minister of Petroleum Resources (Oil), Sen. Heineken Lokpobiri who doubles as Head of the Nigerian Delegation, reiterated Nigeria’s commitment to the DoC and emphasized 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.
