The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for average daily production of oil and other liquid hydrocarbons in countries outside the OPEC+ agreement for 2026–2027, APA-Economics reports, citing OPEC's monthly report.
According to the report, average daily production of oil and other liquid hydrocarbons in countries outside the OPEC+ agreement is expected to reach 54.84 million barrels this year (forecast unchanged), which is 0.64 million barrels higher than the 2025 figure (54.2 million barrels).
In addition, OPEC has released its forecast for average daily production of liquid hydrocarbons in countries outside the OPEC+ agreement for next year. According to the forecast, the figure is expected to reach 55.45 million barrels in 2027 (forecast unchanged), which is 0.62 million barrels higher than the forecast figure for 2026.
It should be noted that in 2024, average daily production of oil and other liquid hydrocarbons in countries outside the OPEC+ agreement stood at 53.2 million barrels, which was 1.36 million barrels higher than the figure recorded in 2023.
Recall that OPEC+ is an initiative to reduce oil production (aimed at balancing the market – ed.) involving OPEC member states and non-OPEC countries. Azerbaijan is also a participant in the OPEC+ agreement.
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