File photo: Organisation of the Petroleum Exporting Countries Amid fresh concerns by energy experts that the planned exit of the United Arab Emirates from the Organisation of the Petroleum Exporting Countries may weaken the cartel’s influence on global oil prices and ultimately hurt Nigeria’s revenue outlook, officials of the Federal Government have reaffirmed their commitment and that of the government to OPEC and the broader OPEC+ cooperation framework.
The government officials gave their commitment on Friday in Abuja. Officials within the Federal Ministry of Petroleum Resources who spoke with our correspondent said Nigeria remains aligned with the principles of the Declaration of Cooperation, binding OPEC and its allies, describing the arrangement as critical to stabilising global oil markets.
According to the officials, who spoke in confidence due to ongoing discussions on the matter, the government sees OPEC and OPEC+ as essential platforms for managing supply, reducing volatility, and ensuring a more predictable pricing environment for both producers and consumers.
“The country remains firmly committed to the principles and objectives of the Declaration of Cooperation between the Organisation of the Petroleum Exporting Countries and its allies under OPEC+. This position highlights Nigeria’s continued alignment with collective efforts aimed at ensuring stability in the global oil market.
“Nigeria recognises the critical role of OPEC and OPEC+ in managing oil supply, reducing market volatility, and fostering a more predictable pricing environment. These coordinated efforts are vital to sustaining global economic stability and supporting long-term energy development,” one of the sources said.
Another official further stressed that Nigeria would continue to comply with agreed production frameworks while maintaining active engagement with member countries to strengthen cooperation and market balance. The official, however, noted that national interest remains central to its decisions.
“Nigeria will maintain adherence to agreed production frameworks while constructively engaging with fellow member countries. At the same time, national interest remains a key consideration to ensure that domestic economic priorities are not compromised. “This position reflects a balanced approach, demonstrating strong support for multilateral energy cooperation while safeguarding its economic interests within the evolving global energy landscape,” the source added.
The reassurance comes as the United Arab Emirates exits OPEC effective May 1, 2026, a move expected to take about 1.2 billion barrels of annual crude production outside the cartel’s coordinated supply system. Data obtained by our correspondent showed that the UAE produced an average of 3.36 million barrels per day in 2025, representing about 12 per cent of OPEC’s total output, making it one of the group’s most influential and disciplined producers.
While some analysts have suggested that Nigeria could benefit from a higher production quota following the exit, energy experts warn that the broader implications may be negative, particularly if the move weakens OPEC’s ability to influence prices. Energy economist Wumi Iledare said the development signals deeper cracks within the alliance.
“The current speculation around a possible UAE exit from OPEC points to a deeper structural issue: growing tension between expanded production capacity and quota constraints within OPEC+,” he said. Related News Xenophobia: Nigerians to return home as S’African attacks worsen Nigeria’s debt to World Bank surged by $2.08bn in 2025 – Report Economic challenges in S’Africa cannot justify xenophobic attacks – Nigerian community leader “Countries that have invested heavily in capacity, like the UAE, face a clear incentive to prioritise volume monetisation over collective price management.