Global crude oil production forecast to reach 74.89 million barrels per day in 2026

Global crude oil production is forecast to average 74.89 million barrels per day in 2026, AzerNEWS reports.

The forecast was included in the May edition of the U.S. Energy Information Administration’s (EIA) Short-Term Energy Outlook, published by the U.S. Department of Energy.

According to the EIA’s quarterly production forecast, global crude oil output is expected to average 77.27 million barrels per day in the first quarter of 2026, 71.27 million barrels per day in the second quarter, 73.96 million barrels per day in the third quarter and 77.08 million barrels per day in the fourth quarter.

Meanwhile, the EIA forecasts global crude oil production at 81.27 million barrels per day in 2027. According to the agency’s projections, global crude oil output is expected to average 80.08 million barrels per day in the first quarter of 2027, 80.95 million barrels per day in the second quarter, 81.60 million barrels per day in the third quarter and 82.43 million barrels per day in the fourth quarter.

According to the State Statistics Committee, Azerbaijan produced 13.270 million tons of crude oil, including gas condensate, in January-June this year.

The figure was 421,800 tons, or 3.1%, lower than in the same period last year.

Of the total crude oil production during the reporting period, 13.236 million tons consisted of marketable crude oil, down 424,200 tons, or 3.1%, from the same period a year earlier.

Overall, the value of output in Azerbaijan’s mining industry amounted to 19.3 billion manats in January-June, representing a 2.8% decline from the corresponding period of the previous year.

According to the Ministry of Energy, 7.9 million tons of production during the reporting period came from the Azeri-Chirag-Gunashli field, 1.7 million tons from Shah Deniz and 0.3 million tons from the Absheron field. SOCAR’s oil production, including condensate, amounted to 3.4 million tons.

A total of 10.5 million tons of oil, including condensate, was exported during the period. Of this amount, 9.5 million tons came from the consortium, 0.7 million tons from SOCAR and 0.3 million tons from JOCAP.

The ministry said that during the first six months of the year, crude oil production averaged 61,000 tons, or 449,000 barrels, per day, while condensate production averaged 12,000 tons, or 103,000 barrels, per day. Total oil production averaged 73,000 tons, or 552,000 barrels, per day.

Oil refining amounted to 2.9 million tons during the reporting period.