The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for average daily oil and other liquid hydrocarbon production in countries not included in the OPEC+ agreement (an initiative to reduce oil production involving OPEC and non-OPEC countries) 2025, APA-Economics reports citing OPEC's monthly report.
The average daily oil and other liquid hydrocarbon production in countries not included in the OPEC+ agreement this year is expected to be 54,28 million barrels (previous forecast - 54,23 million barrels), which is 1,11 million barrels more than the figure for 2024.
Meanwhile, OPEC has announced its forecast for average daily liquid hydrocarbon production in countries not included in the OPEC+ agreement for next year. According to the forecast, the figure in 2026 is expected to be 55.38 million barrels, which is 1.1 million barrels more than the forecast for 2025.
The report notes that last year, the average daily production of oil and other liquid hydrocarbons in countries not included in the OPEC+ agreement was 53.17 million barrels (previous forecast - 53.12 million barrels), which is 1.33 million barrels more than the indicator for 2023.
According to the report, in 2023, the average daily production of oil and other liquid hydrocarbons in countries not included in the OPEC+ agreement was at the level of 51.84 million barrels.
It should be noted that OPEC+ is an initiative to reduce oil production that includes OPEC and non-OPEC countries. Azerbaijan is also a participant in the OPEC+ agreement.
