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, APA-Economics reports, citing OPEC's monthly report.
Average daily production of oil and other liquid hydrocarbons in countries not participating in the OPEC+ agreement is expected to total 54.83 million barrels this year (the forecast remains unchanged), which is 0.63 million barrels higher than the 2025 figure of 54.2 million barrels.
At the same time, OPEC has 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, this figure is expected to reach 55.45 million barrels in 2027 (the forecast remains unchanged), which is 0.62 million barrels higher than the forecast figure for 2026.
Note that in 2024, average daily production of oil and other liquid hydrocarbons in countries not participating in the OPEC+ agreement amounted to 53.2 million barrels, which is 1.36 million barrels higher than the 2023 figure.
Recall that OPEC+ is an initiative covering OPEC members and non-OPEC countries aimed at reducing oil production in order to balance the market. Azerbaijan is also a participant in the OPEC+ agreement.
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