By Atoyebi Nike
Eight OPEC+ members including Saudi Arabia, Russia, Iraq, and the UAE will raise crude oil production by a combined 547,000 barrels per day starting September 2025, in response to improved global economic conditions and stronger oil demand.
The decision, made during a virtual meeting on Sunday, continues the gradual rollback of 2.2 million bpd in voluntary production cuts introduced in 2023. The phase-out, which began in April 2025, was agreed upon in December 2024 to ensure market balance and price stability.
The alliance noted that this planned increase could be paused or reversed if market conditions deteriorate. Monthly reviews will remain central to future decisions.
Although Nigeria hit 1.505 million bpd in June 2025 its highest since January this barely exceeds its OPEC quota of 1.5 million bpd and remains far below the government’s 2025 target of 2.06 million bpd.
The country still struggles with oil theft, underinvestment, and pipeline vandalism, all of which have hampered its output. Earlier this year, Brent crude dipped below $60 per barrel, far short of Nigeria’s $75 budget benchmark, raising concerns over revenue shortfalls.
The Nigerian Economic Summit Group has warned that continued underperformance in oil production could jeopardize the country’s ability to meet its 2025 budget goals.
