Baku: 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 for 2025-2026. According to APA-Economics, citing OPEC’s monthly report, it is estimated that this year the average daily production of oil and other liquid hydrocarbons in countries not included in the ‘OPEC+’ agreement will amount to 54.15 million barrels, which is 0.96 million barrels more than the 2024 figure.

According to Azeri-Press News Agency, OPEC has also released its forecast for the average daily production of liquid hydrocarbons in non-OPEC+ countries for the coming years. The forecast indicates that in 2026 the production is expected to reach 54.78 million barrels, which is 0.63 million barrels more than the projected figure for 2025.

The report notes that last year, the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries amounted to 53.2 million barrels, an increase of 1.36 million barrels compared to the 2023 figure. It should be recalled that in 2023, the average daily production of liquid hydrocarbons in non-OPEC+ countries stood at 51.84 million barrels.

‘OPEC+’ is an initiative involving OPEC member and non-member countries aimed at reducing oil production to stabilize the market. Azerbaijan is also a participant in the ‘OPEC+’ agreement.