Page 39 - Policy Economic Report- June'26
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
assessment. The main drivers of liquids production growth are expected to be Brazil, the US, Canada,
and Argentina.
• In 2027, non-DoC liquids production is forecast to grow by about 0.6 mb/d, also unchanged from last
month’s assessment. The growth will mainly be driven by Qatar, Brazil, Canada, and Argentina.
Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are
forecast to increase by about 0.1 mb/d, y-o-y, to average 8.8 mb/d in 2026. Additional growth of about
0.1 mb/d, y-o-y, is forecast for 2027, to average about 8.9 mb/d. In May, crude oil production by
countries participating in the DoC decreased by 0.19 mb/d, m-o-m, to average about 33.13 mb/d,
according to available secondary sources.
Table 4: Non-DoC liquids production in 2026, mb/d
Non-OPEC liquids production 2025 1Q26 2Q26 3Q26 4Q26 2026
28.41 28.82 29.04 28.56
Americas 28.29 27.95 22.40 22.60 22.69 22.37
3.59 3.54 3.65 3.64
of which US 22.22 21.78 0.38 0.39 0.38 0.39
32.39 32.74 33.07 32.58
Europe 3.63 3.76 4.68 4.57 4.57 4.64
0.82 0.82 0.83 0.82
Asia Pacific 0.41 0.39 1.63 1.61 1.61 1.62
8.04 8.09 8.22 8.12
Total OECD 32.32 32.10 1.59 1.95 1.96 1.78
2.23 2.24 2.31 2.25
China 4.62 4.74 0.35 0.36 0.36 0.36
0.09 0.09 0.09 0.09
India 0.82 0.82 19.43 19.73 19.94 19.68
51.82 52.47 53.01 52.26
Other Asia 1.64 1.64 2.57 2.57 2.57 2.57
54.39 55.04 55.58 54.83
Latin America 7.55 8.11
Middle East 1.99 1.63
Africa 2.27 2.24
Other Eurasia 0.36 0.35
Other Europe 0.09 0.09
Total Non-OECD 19.34 19.62
Total Non-DoC production 51.66 51.73
Processing gains 2.54 2.57
Total Non-DoC liquids production 54.20 54.30
Source: OPEC monthly report, June 2026
• From the above table, it can be inferred, that the total non-DoC liquids production is expected to
reach 54.83 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.
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