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Rate of growth of oil production in OPEC+ countries to slow down next year-FORECAST

14 October 2024 17:02 (UTC +04:00)

The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for the average daily production of oil and other liquid hydrocarbons in countries that are not part of the "OPEC+" agreement (an initiative to reduce oil production involving OPEC and non-OPEC countries) for 2024-2025, APA-Economics reports citing the monthly report of OPEC.

According to the report, in the current year, the average daily production of oil and other liquid hydrocarbons in non-OPEC+ agreement countries is forecasted to be 53.07 million barrels (the forecast has not changed), which is 1.23 million barrels more compared to the indicator of 2023.

According to the forecast, daily oil production in non-OPEC+ countries in 2025 will be 54.17 million barrels (equal to the previous forecast), which is an increase of 1.11 million barrels compared to the forecast of 2024.

According to the report, the average daily production of oil and other liquid hydrocarbons in non-OPEC+ agreement countries last year was at the level of 51.84 million barrels.

Note that "OPEC+" is an initiative to reduce oil production involving OPEC and non-OPEC countries. Azerbaijan is also a participant of the "OPEC+" agreement.