Nigeria Reaffirms OPEC Commitment Despite Rising Crude Output

By Diafa Doubra,

Nigeria has assured the global oil market that it will remain committed to the rules and agreements of the Organization of the Petroleum Exporting Countries (OPEC), even as the nation’s crude oil production records a recent increase.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave this assurance on Wednesday while addressing journalists in Abuja. He noted that although Nigeria’s output has seen gradual improvements following years of disruptions caused by oil theft, pipeline vandalism, and underinvestment, the country will continue to respect OPEC’s quota system.

According to Lokpobiri, the government is focused on restoring Nigeria’s production to optimal levels, especially as security around oil installations improves. He emphasized that while OPEC allows for periodic quota adjustments in recognition of member states’ unique challenges, Nigeria would not breach agreed production limits.

“Nigeria is a responsible member of OPEC. Even though we are working hard to increase our daily production, we remain committed to the organization’s rules and will continue to engage constructively for any necessary adjustments,” Lokpobiri said.

Industry analysts view this reassurance as important, especially at a time when fluctuations in global supply and demand continue to affect oil prices. Nigeria, Africa’s largest oil producer, has in recent years struggled to meet its OPEC quota, often producing below expectations due to infrastructure sabotage and declining investment in the oil sector.

The minister also reiterated that the federal government is intensifying reforms to attract fresh investments into the oil and gas industry, particularly through the implementation of the Petroleum Industry Act (PIA).

For Nigeria, balancing the need to boost foreign exchange earnings from oil with the responsibility of maintaining market stability through OPEC remains a delicate but crucial task.