Page 41 - Policy & Economic Report - July 2025
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POLICY AND ECONOMIC
ROEILPO&RGTAS MARKET
Table 4: Non-DoC liquids production in 2026, mb/d 2Q26 3Q26 4Q26 2026
Non-OPEC liquids production 2025 1Q26 28.52 28.83 29.07 28.65
22.51 22.62 22.72 22.46
Americas 28.29 28.15 3.59 3.54 3.65 3.64
0.38 0.39 0.38 0.39
of which US 22.22 21.98 32.50 32.76 33.11 32.67
4.68 4.57 4.57 4.64
Europe 3.63 3.76 0.82 0.82 0.83 0.82
1.63 1.61 1.61 1.63
Asia Pacific 0.41 0.39 8.17 8.14 8.26 8.19
1.15 1.88 1.89 1.61
Total OECD 32.32 32.30 2.23 2.24 2.31 2.25
0.35 0.36 0.36 0.36
China 4.62 4.74 0.09 0.09 0.09 0.09
19.11 19.71 19.91 19.60
India 0.82 0.82 51.61 52.47 53.01 52.27
2.57 2.57 2.57 2.57
Other Asia 1.64 1.67
54.18 55.04 55.58 54.84
Latin America 7.55 8.20
Middle East 1.99 1.53
Africa 2.27 2.24
Other Eurasia 0.36 0.35
Other Europe 0.09 0.09
Total Non-OECD 19.34 19.65
Total Non-DoC production 51.66 51.95
Processing gains 2.54 2.57
Total Non-DoC liquids
production 54.20 54.52
Source: OPEC monthly report, July 2026
• From the above table, it can be inferred, that the total non-DoC liquids production is expected
to reach 54.84 mb/d by 2026.
• The non-DoC liquids production (i.e. liquid production countries not participating in the
Declaration of Cooperation) is forecast to grow by about 0.6 mb/d, y-o-y, in 2026.
Oil demand situation
• Global oil demand is forecast to grow by a healthy 0.8 mb/d in 2026, y-o-y, following a slight
downward revision from last month’s assessment. The OECD is forecast to grow by about 40
tb/d, while the non-OECD is forecast to grow by about 0.74 mb/d.
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