The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries for 2025-2026, APA-Economics reports citing the OPEC's monthly report.
The "OPEC+" agreement is an initiative to reduce oil production involving OPEC and non-member countries.
The average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries is expected to be 54.1 million barrels this year (previous forecast – 54.21 million barrels), which is 0.91 million barrels more compared to 2024.
In addition, OPEC has released its forecast for the average daily production of liquid hydrocarbons in non-OPEC+ countries for the following year. According to the projection, the figure is expected to reach 55 million barrels per day in 2026 (previous forecast – 55.21 million barrels), which is 0.9 million barrels more than the 2025 forecast.
The report also notes that last year, 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 more than the 2023 figure.
Recall that in 2023, the average daily production of liquid hydrocarbons in non-OPEC+ countries was 51.84 million barrels.
For reference, "OPEC+" is an initiative to reduce oil production that includes both OPEC and non-member countries. Azerbaijan is also a participant in the OPEC+ agreement.
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