Nigeria stated that it reaffirmed its commitment to the OPEC agreement reached on June 6, and "supported" member states' "compensatory production cuts" that exceeded quotas.

In a statement posted on Instagram, the Ministry of Petroleum Resources of Nigeria stated that we fully agree with the decision to pay close attention to market dynamics, and we believe that the gradual recovery witnessed so far will continue until full progress.

In May this year, Nigeria and other countries such as Iraq, Angola and Kazakhstan failed to comply with OPEC+ commitments to cut oil exports because the organization tried to push up oil prices. Although the original planned daily output was 1.4 million barrels, the final daily output was more than 200,000 barrels above this target.

At a meeting on the weekend, OPEC+ de facto leaders Saudi Arabia and Russia urged backward member states to observe and accept stricter supervision. OPEC agreed to extend the current supply cut of nearly 10 million barrels per day for at least one month until the end of July.