The Ministry of Petroleum Resources has reaffirmed Nigeria's commitment to the OPEC+ cooperation framework, following the United Arab Emirates' official exit from OPEC. The UAE left the cartel on Friday to pursue higher oil production and greater market share, opting to no longer comply with OPEC-imposed output quotas. A ministry source responded Sunday, stating Nigeria continues to support collective actions aimed at stabilising the global oil market.
Nigeria recognises the role of OPEC and OPEC+ in managing supply and reducing market volatility, the source said. The country supports coordinated efforts that contribute to predictable oil pricing and global economic stability. Nigeria will uphold agreed production frameworks while engaging with member nations to enhance cooperation and market balance.
The source stressed that national interests remain central to Nigeria's energy decisions, ensuring domestic economic priorities are protected. "Nigeria's position reflects a balanced approach, demonstrating strong support for multilateral energy cooperation while safeguarding its economic interests within the evolving global energy landscape," the statement read.
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