Eight OPEC+ countries have agreed to raise their crude oil production by 547,000 barrels per day (bpd) in September 2025, in response to improved global economic growth and improved oil market fundamentals.
The decision follows a virtual meeting where Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to ensuring market stability on Sunday.
The move marks the fourth monthly increment in a phased rollback of 2.2 million bpd in voluntary production cuts, which were introduced in April and November 2023 to support prices during market uncertainties.
“The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman.
“In accordance with the decision agreed upon on 5 December 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from 1 April 2025, the eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from August 2025 required production level.”
The group began the phase-out in April 2025, based on a decision made on December 5, 2024, which allowed for a gradual and flexible return of withheld volumes.
The group noted in a joint statement that the phase-out could be paused or even reversed, depending on how market conditions evolve. They emphasized that monthly reviews would continue to play a key role in shaping future decisions.
Why this matters
In April 2025, Nigeria produced 1.486 million bpd, still below its OPEC quota of 1.5 million bpd and significantly short of the government’s 2.06 million bpd target for the year. However, by June 2025, Nigeria briefly met its quota, producing 1.505 million bpd, the highest volume since January, according to Nairametrics.
Despite that progress, the country continues to face major problems such as oil theft, lack of investment in its oil facilities, and frequent damage to pipelines, issues that have often made it perform below short compared to other oil-producing nations.
- Earlier this year, Brent crude prices dropped below $60 per barrel, falling significantly short of Nigeria’s 2025 budget benchmark of $75. This sharp decline raised serious concerns about potential revenue shortfalls and increasing fiscal pressure on the government.
- The Nigerian Economic Summit Group (NESG) has repeatedly warned that continued underperformance in the oil sector could seriously threaten the federal government’s ability to meet its planned budgetary commitments and sustain key national projects.
