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 participating in the OPEC+ agreement for the years 2026-2027, APA-Economics reports, citing OPEC's monthly report.

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

OPEC has also provided its forecast for the average daily production of liquid hydrocarbons in non-OPEC+ countries for 2027. The prediction indicates that production will reach 55.45 million barrels, which remains unchanged from previous forecasts and represents an increase of 0.62 million barrels over the 2026 forecast.

In 2024, the average daily production of oil and other liquid hydrocarbons in countries outside the OPEC+ agreement amounted to 53.2 million barrels, which was 1.36 million barrels higher than the 2023 figure. This information underscores the ongoing adjustments in production levels as countries aim to balance market demands.

OPEC+ is an initiative that includes OPEC members and non-OPEC countries, with a focus on reducing oil production to stabilize the market. Azerbaijan is among the participants in the OPEC+ agreement.