The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries (those not part of the OPEC+ production cut initiative) for 2025–2026, APA-Economics report, citing OPEC’s monthly report.
Average daily oil and liquid hydrocarbon production in non-OPEC+ countries is expected to reach 54.01 million barrels this year — unchanged from the previous forecast — which is 0.81 million barrels more than in 2024.
Additionally, OPEC has released its forecast for average daily production in non-OPEC+ countries for next year. According to the projection, this figure is expected to reach 54.74 million barrels per day in 2026, also unchanged from the previous estimate, which is 0.73 million barrels higher than the forecast for 2025.
The report notes that last year, average daily production in non-OPEC+ countries was 53.2 million barrels, 1.36 million barrels more than in 2023.
It should be noted that in 2023, the average daily production in these countries stood at 51.84 million barrels.
OPEC+ is a cooperative initiative that includes both OPEC and non-OPEC countries aiming to reduce oil production. Azerbaijan is also a participant in the OPEC+ agreement.
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