Page 33 - Policy Economic Report - Jan 2026
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Table 2: Non-DoC liquids production in 2026, mb/d
Non-OPEC liquids production 2025 1Q26 2Q26 3Q26 4Q26 2026
Americas 28.29 27.95 28.41 28.72 28.94 28.51
21.78 22.40 22.50 22.59 22.32
of which US 22.22 3.61 3.50 3.48 3.58 3.54
0.41 0.39 0.39 0.38 0.39
Europe 3.59 31.97 32.31 32.59 32.90 32.44
4.68 4.67 4.58 4.57 4.62
Asia Pacific 0.41 0.83 0.82 0.82 0.83 0.82
1.62 1.59 1.58 1.59 1.60
Total OECD 32.29 7.90 7.92 7.98 8.11 7.98
2.01 2.03 2.04 2.05 2.03
China 4.62 2.26 2.24 2.24 2.32 2.26
0.36 0.36 0.36 0.36 0.36
India 0.82 0.09 0.09 0.09 0.09 0.09
19.75 19.72 19.70 19.90 19.77
Other Asia 1.62 51.72 52.03 52.28 52.80 52.21
2.57 2.57 2.57 2.57 2.57
Latin America 7.55 54.29 54.60 54.85 55.37 54.78
Middle East 1.99
Africa 2.27
Other Eurasia 0.36
Other Europe 0.09
Total Non-OECD 19.32
Total Non-DoC production 51.61
Processing gains 2.54
Total Non-DoC liquids production 54.15
Source - OPEC monthly report, January 2026
• From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 54.78 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
• The global oil demand growth forecast for 2026 remains at about 1.4 mb/d, y-o-y, unchanged from
last month’s assessment. In the OECD, oil demand is forecast to grow by about 0.15 mb/d, while oil
demand in the non-OECD is forecast to grow by about 1.2 mb/d.
• In 2027, global oil demand is forecast to grow by about 1.3 mb/d, y-o-y. The OECD is forecast to grow
by about 0.1 mb/d, y-o-y, while the non-OECD is forecast to grow by about 1.2 mb/d, y-o-y.
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