Vienna: 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 included in the OPEC+ agreement for 2026-2027, APA-Economics reports, citing the monthly report of the Organization of the Petroleum Exporting Countries (OPEC).

According to Azeri-Press News Agency, it is expected that in the current year, average daily production of oil and other liquid hydrocarbons in non-OPEC+ countries will amount to 54.83 million barrels. This forecast remains unchanged and shows an increase of 0.63 million barrels compared to the 2025 figure of 54.2 million barrels.

OPEC has also announced its forecast for average daily production of liquid hydrocarbons in non-OPEC+ countries for next year. The forecast suggests that this indicator is expected to reach 55.45 million barrels in 2027, which is slightly adjusted from the previous forecast of 55.44 million barrels. This figure represents an increase of 0.62 million barrels compared to the projected figure for 2026.

In 2024, the average daily production of oil and other liquid hydrocarbons in countries not included in the OPEC+ agreement amounted to 53.2 million barrels. This reflects an increase of 1.36 million barrels compared to the 2023 figure.

In 2023, the average daily production of liquid hydrocarbons in non-OPEC+ countries was recorded at 51.84 million barrels. For context, OPEC+ is an initiative that includes both OPEC and non-OPEC countries aimed at reducing oil production to balance the market. Azerbaijan is one of the participants in the OPEC+ agreement.