Vienna: The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for average daily production of oil and other liquid hydrocarbons in countries not included in the OPEC+ agreement for the years 2026-2027.
According to Azeri-Press News Agency, OPEC’s monthly report reveals that the average daily production of oil and other liquid hydrocarbons in these non-OPEC+ countries is expected to reach 54.78 million barrels this year. This figure remains unchanged from previous forecasts and represents an increase of 0.63 million barrels compared to the 2025 projection of 54.15 million barrels.
Additionally, OPEC has outlined its forecast for the average daily production of liquid hydrocarbons in non-OPEC+ countries for the coming year. The forecast anticipates that this indicator will reach 55.39 million barrels in 2027, maintaining its previous projection. This marks an increase of 0.61 million barrels compared to the 2026 forecast.
It is noteworthy that back in 2014, the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries was 53.2 million barrels, which is 1.36 million barrels higher than the figure recorded in 2023. In 2023, the average daily production in these countries was 51.84 million barrels.
For context, the OPEC+ initiative includes both OPEC and non-OPEC countries and aims at reducing oil production to balance the market. Azerbaijan is one of the countries participating in the OPEC+ agreement.