Baku: The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for average daily oil and other liquid hydrocarbon production in countries not included in the OPEC+ agreement for the years 2025-2026.
According to Azeri-Press News Agency, the average daily oil and other liquid hydrocarbon production in non-OPEC+ countries this year is projected to remain at 54.01 million barrels, unchanged from previous forecasts. This represents an increase of 0.81 million barrels compared to the 2024 figure.
OPEC has also released its forecast for the average daily production of liquid hydrocarbons in non-OPEC+ countries for the year 2026. The revised figure stands at 54.64 million barrels, slightly down from the previous forecast of 54.74 million barrels, yet still 0.63 million barrels more than the 2025 projection.
The report highlights that last year, the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries was 53.2 million barrels, marking an increase of 1.36 million barrels from the 2023 production level.
In 2023, the average daily production of liquid hydrocarbons in countries not participating in the OPEC+ agreement was recorded at 51.84 million barrels. OPEC+ is a collaborative initiative aimed at reducing oil production, involving both OPEC and non-OPEC countries, with Azerbaijan being one of the participants.