Figures cited by **The Nation** show that Nigeria remains firmly committed to the Declaration of Cooperation under the OPEC+ framework despite internal pressures to increase revenue. Speaking through the Ministry of Petroleum Resources, the government clarified that it will continue to adhere to assigned production quotas to ensure global oil market stability and price predictability.
The statement emphasized that while Nigeria is working to improve its domestic production capacity to meet its allotted quota, it will not act unilaterally in a way that disrupts the collective goals of the alliance. This commitment comes at a time when global oil prices are testing $126 per barrel, providing a significant boost to Nigeria’s foreign exchange earnings.
Validation: **The Guardian** reported that “Nigeria reaffirms commitment to OPEC+ cooperation framework” to maintain market balance. **ThisDay** also noted the development, stating that “Lokpobiri delivers Tinubu’s message on oil market stability” during a recent energy summit.
**Echotitbits take:** Adhering to OPEC+ quotas is a delicate balancing act for a country needing massive cash inflows. The focus should be on stopping oil theft and pipeline vandalism; if Nigeria can actually reach its full quota, the current high Brent crude prices could finally stabilize the Naira.
Source: The Guardian – https://guardian.ng/news/nigeria-reaffirms-commitment-to-opec-framework-backs-market-stability/, and May 2, 2026
Photo credit: The Guardian
