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 participating in the OPEC+ agreement for 2026-2027, stated in the OPEC's monthly report, APA-Economics reports.
According to the report, average daily production of oil and other liquid hydrocarbons in countries not participating in the OPEC+ agreement is expected to amount to 54.84 mln barrels this year (the forecast remains unchanged), which is 0.64 mln barrels more than the 2025 figure (54.2 mln barrels).
OPEC has also announced its forecast for average daily production of liquid hydrocarbons in countries not participating in the OPEC+ agreement for next year. According to the forecast, the figure is expected to stand at 55.45 mln barrels in 2027 (the forecast remains unchanged), which is 0.62 mln barrels more than the forecast figure for 2026.
It should be noted that in 2024, average daily production of oil and other liquid hydrocarbons in countries not participating in the OPEC+ agreement amounted to 53.2 mln barrels, which is 1.36 mln barrels more than the 2023 figure.
Recall that OPEC+ is an initiative to reduce oil production (in order to balance the market – ed.) involving OPEC and non-OPEC countries. Azerbaijan is also a participant in the OPEC+ agreement.
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