Vienna: The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries for the years 2026-2027.
According to Azeri-Press News Agency, citing the monthly report from OPEC, the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries is anticipated to reach 54.83 million barrels this year. This forecast remains unchanged and reflects an increase of 0.63 million barrels compared to the 2025 figure of 54.2 million barrels.
OPEC has also announced its forecast for the average daily liquid hydrocarbon production in non-OPEC+ countries for the following year. The forecast indicates that production is expected to rise to 55.45 million barrels by 2027, which is an increase of 0.62 million barrels from the 2026 forecast.
In 2024, the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries amounted to 53.2 million barrels, marking an increase of 1.36 million barrels compared to the 2023 figure.
OPEC+ is an initiative that includes both OPEC and non-OPEC countries, aimed at reducing oil production to balance the market. Azerbaijan is a participant in the OPEC+ agreement.