Vienna: The Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast downward for the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries for the years 2025-2026. The adjustment comes as part of OPEC's ongoing assessment of global oil production dynamics and market conditions.
According to Azeri-Press News Agency, OPEC's monthly report indicates that the average daily production for non-OPEC+ countries is anticipated to be 54.1 million barrels this year, down from an earlier projection of 54.21 million barrels. This figure represents an increase of 0.91 million barrels compared to the 2024 production levels.
The report further outlines projections for the subsequent year, stating that non-OPEC+ countries are expected to produce an average of 55 million barrels per day in 2026, a slight decrease from the previous forecast of 55.21 million barrels. This projected figure marks an increase of 0.9 million barrels from the 2025 forecast.
Last year, the non-OPEC+ countries' average daily production of oil and other liquid hydrocarbons stood at 53.2 million barrels, which was 1.36 million barrels higher than the production figure for 2023. In 2023, the average daily production of liquid hydrocarbons in these countries was recorded at 51.84 million barrels.
The "OPEC+" agreement, which encompasses both OPEC members and non-member countries, aims to manage oil production levels to stabilize the market. Azerbaijan is one of the countries participating in this collaborative effort.