OPEC Forecasts Rise in Non-OPEC+ Oil Production

The Organization of the Petroleum Exporting Countries (OPEC) has updated its forecast for oil production in non-OPEC+ countries. The forecast for average daily production of oil and other liquid hydrocarbons in countries not participating in the OPEC+ agreement is expected to reach 54.84 million barrels this year, a slight increase from last year's figure.

This year's forecast remains unchanged from previous predictions, but next year's forecast shows a slight growth. According to OPEC, average daily production of liquid hydrocarbons in countries not participating in the OPEC+ agreement is expected to stand at 55.45 million barrels in 2027, an increase of 0.62 million barrels from this year's forecast.

Azerbaijan is one of the countries participating in the OPEC+ initiative, which aims to reduce oil production and balance the market. The report also notes that average daily production in non-OPEC+ countries increased by 1.36 million barrels in 2024 compared to the previous year.