Energy: Nigeria reaffirms commitment to OPEC cooperation framework despite UAE’s exit

*Nigeria’s Federal Ministry of Petroleum Resources assures industry stakeholders the country remains committed to the principles and objectives of the Declaration of Cooperation between the Organisation of the Petroleum Exporting Countries and its allies under OPEC+ despite UAE’s exit from the oil cartel

Isola Moses | ConsumerConnect

Nigeria’s Federal Ministry of Petroleum Resources has assured industry stakeholders that the country remains committed to the principles and objectives of the Declaration of Cooperation between the Organisation of the Petroleum Exporting Countries (OPEC) and its allies under OPEC+.

ConsumerConnect reports the United Arab Emirates (UAE) Friday, May 1, 2026, officially exited the OPEC, stating its decision to prioritise national interests towards maximising oil production, expanding its market share, and escaping the production quotas hitherto imposed by the oil cartel.

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A source from the Ministry reacting to the development Sunday, May 3, reportedly said the UAE’s recent position highlighted Nigeria’s continued alignment with collective efforts at ensuring stability in the global oil market.

The source stressed that national interest remained a key consideration in all decisions, ensuring that domestic economic priorities are not compromised.

The source also explained: “Nigeria recognised 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 considered vital to sustaining global economic stability and supporting long-term energy development across producing and consuming nations.”

The quoted source further said: “Nigeria will maintain adherence to agreed production frameworks while constructively engaging with fellow member countries to strengthen cooperation and market balance.

“Overall, 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.”