By Abigail Philip David
The 38th meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of the Petroleum Exporting Countries (OPEC) took place on Thursday, bringing together ministers and heads of delegations to discuss strategies for maintaining stability in the global oil market.
According to a statement issued by Nneamaka Okafor, Special Adviser, Media and Communications to Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the meeting reaffirmed OPEC’s commitment to the principles of the Declaration of Cooperation (DoC). This agreement, first established in 2016 and reinforced by the Charter of Cooperation in 2019, remains central to OPEC’s efforts to balance global oil supply and demand.
The statement highlighted key resolutions from the meeting, including the extension of crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting. These adjustments will remain in effect until December 31, 2026, with ministers emphasizing the importance of compliance with production levels and implementing a robust compensation mechanism to enhance transparency and maintain market equilibrium.
For Nigeria, the resolutions align with the country’s strategic goal of achieving a production target of 2.06 million barrels per day (including condensates) by 2025, as outlined in the draft 2025 Appropriation Bill.
Speaking on the outcomes of the meeting, Senator Lokpobiri, who led Nigeria’s delegation, reaffirmed the country’s dedication to the DoC and highlighted the importance 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 said.
The statement also emphasized Nigeria’s commitment to fostering partnerships within OPEC and beyond, contributing to global energy security while ensuring the sustainable development of its resources.
