Seven OPEC+ producers agree on Sunday, 1 November, to keep di amount of oil dem suppose produce for December 2026 at September levels. Nigeria no dey among di seven countries wey di decision name. So nobody suppose read di announcement as new production quota for Nigeria, even though Nigeria belong to OPEC.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman meet online to review di market and wetin fit happen ahead, according to OPEC. Na these countries dis particular statement cover. E refer to extra voluntary production adjustments wey dem announce for April and November 2023. Their decision keep existing requirements; e no announce new increase for December.
Di table wey dem publish give Saudi Arabia requirement of 10.478 million barrels per day, Russia 9.949 million and Iraq 4.431 million. Kuwait own na 2.676 million, Kazakhstan 1.628 million, Algeria 1.007 million and Oman 841,000 barrels per day. Na production requirements for month wey never reach, no be measurement of oil wey dem don already produce.
Dis difference matter when person dey read oil-supply headlines. Target na di level wey countries agree under production arrangement; e no show by itself how many barrels reach market. Reuters report say several Gulf producers still dey produce below their targets as export disruption continue. Di unchanged table alone no fit prove di actual supply for December.
For Nigerian readers, di connection na di wider producers organisation. OPEC record say Nigeria join for 1971. But to belong to OPEC and to take part for dis seven-country announcement no be di same thing. Di statement no give new Nigeria allocation, Nigeria export figure or petrol pump price. E no also give basis to promise say Nigeria revenue go rise or fuel go cheap.
Di seven countries repeat their commitment to follow di Declaration of Cooperation and say monthly market reviews go continue. Dem schedule their next meeting for 29 November 2026. Na future review date, no be policy change wey dem don announce. For now, wetin dem confirm na say di seven named producers go hold their December requirements; decisions after dat never come out.