Baku: The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for average daily production of oil and other liquid hydrocarbons in countries not participating in the OPEC+ agreement for 2026-2027, stated in the OPEC's monthly report, APA-Economics reports.

According to Azeri-Press News Agency, the average daily production of oil and other liquid hydrocarbons in countries not participating in the OPEC+ agreement is expected to amount to 54.84 million barrels this year, with the forecast remaining unchanged. This figure is 0.64 million barrels more than the 2025 estimate of 54.2 million barrels.

OPEC has also released its forecast for average daily production of liquid hydrocarbons in non-OPEC+ countries for the following year. The organization predicts that production will reach 55.45 million barrels in 2027, maintaining the previous forecast. This represents an increase of 0.62 million barrels compared to the forecasted figure for 2026.

In 2024, the average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries amounted to 53.2 million barrels, which is 1.36 million barrels more than the figure recorded in 2023. OPEC+ is an initiative aimed at reducing oil production to balance the market, involving both OPEC and non-OPEC countries, with Azerbaijan being a participant in the agreement.