The 38th meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) has met to deliberate on critical strategies aimed at ensuring sustained stability in the global oil market.
The meeting, attended by Ministers and Heads of Delegations, centred on 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 also focused on 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.
The ministers emphasised the critical importance of full conformity with production levels and the implementation of a robust compensation mechanism to enhance transparency and preserve market equilibrium.
The resolutions provide Nigeria 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, Head of the Nigerian Delegation and Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, reiterated Nigeria’s commitment to the DoC emphasising 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,” Lokpobiri stated.
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.
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