Success Nwogu Nigeria has been excluded from the list of Organisation of Petroleum Exporting Countries and its allies (OPEC+) members permitted to increase oil production in August 2025.
This was the outcome of a virtual meeting held on Friday by eight key OPEC+ member countries, during which the group agreed to a combined production increase of 548,000 barrels per day (bpd) for August.
The countries approved for the increment include Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman. These nations had earlier announced additional voluntary cuts in April and November 2023 and are now easing those reductions gradually.
According to figures released by OPEC, the August required production levels for the eight countries are as follows: Algeria – 948,000 bpd; Iraq – 4.171 million bpd; Kuwait – 2.518 million bpd; Saudi Arabia – 9.756 million bpd; UAE – 3.272 million bpd; Kazakhstan – 1.532 million bpd; Oman – 792,000 bpd; and Russia – 9.344 million bpd.
The development was confirmed in a statement posted Saturday on the official OPEC website following the ministerial consultation.
Nigeria, which has been struggling to meet its allocated quota of 1.5 million bpd due to operational and infrastructural challenges, was not included among the countries granted an increase.
The statement reads in part:
“Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production.”
It further explained that the eight participating countries met virtually on July 5, 2025, to assess market conditions and outlook, citing the “steady global economic outlook and current healthy market fundamentals” as justification for the gradual return of previously withheld volumes.
“In accordance with the decision agreed upon on December 5, 2024, to begin a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025, the eight participating countries will implement a production adjustment of 548,000 bpd in August 2025 from the July production levels. This is equivalent to four monthly increments,” the statement added.
It also noted that the gradual increases may be paused or reversed depending on evolving market conditions, offering flexibility to maintain market stability.
Additionally, the group reiterated its collective commitment to full compliance with the Declaration of Cooperation, including voluntary production adjustments. It emphasized the importance of compensating for any overproduction recorded since January 2024.
The participating countries are expected to hold monthly meetings to monitor market conditions, compliance, and compensation. The next review meeting is scheduled for August 3, 2025, when a decision will be taken on September production levels.
