OPEC has in its 38th Joint Ministerial Monitoring Committee (JMMC) meeting approved the continuation of crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, effective until December 31, 2026. The organization said it will fully adhere to current production levels until April and robust compensation mechanisms were emphasized to enhance transparency and market equilibrium.

Nigerian Minister of State for Petroleum (Oil) Senator Heineken Lokpobiri made the disclosure via his X handle formerly Twitter. Sen. Lokpobiri joined the virtual meeting at his Oval Office with his ministerial team which includes: the chief investment officer of the NNPC, Mr Bala Wunti and Permanent Secretary Ministry of Petroleum Gabriel Tanimu Aduda.

“The 38th Joint Ministerial Monitoring Committee (JMMC) meeting of OPEC convened today, gathering Ministers and Heads of Delegations to address strategies for global oil market stability. We reaffirmed our commitment to the Declaration of Cooperation (DoC), established in 2016 and reinforced through the Charter of Cooperation in 2019, as a vital framework for balancing global supply and demand.

“Key outcomes included the continuation of crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, effective until December 31, 2026. Full adherence to production levels and a robust compensation mechanism were emphasized to enhance transparency and market equilibrium.

“For Nigeria, these resolutions align with our 2025 production target of 2.06 million barrels per day, inclusive of condensates, as outlined in the draft 2025 Appropriation Bill,” Sen, Lokpobiri said.

OPEC+, has since October 2024 trying to relax cut on production but a slowdown in global demand and rising output elsewhere forced it to postpone the plans on several occasions.

Despite the group’s supply cuts, global oil benchmark Brent crude has mostly stayed in a $70 to $80 per barrel range this year. On Thursday it traded near $72 a barrel, having hit a 2024 low below $69 in September. Reuters has reported.