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) for 2024-2025, 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 53.12 million barrels (previous forecast - 53.07 million barrels), which is 1.28 million barrels more than the figure for 2023.
According to the forecast, in 2025, daily oil production in countries not included in the OPEC+ will be 54.23 million barrels (previous forecast - 54.17 million barrels), which is an increase of 1.11 million barrels compared to the forecast for 2024.
According to the report, last year, 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.
