VIENNA, 12 Dec. - (ANA) - Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 1.0 mb/d, y-o-y, in 2025, revised up slightly from last month’s assessment. 

 

The revision is only about 50 tb/d, mainly to accommodate for seasonality and data received so

far for 4Q25. The main growth drivers for 2025 are expected to be the US, Brazil, Canada, and Argentina. 

 

The non-DoC liquids production growth forecast for 2026 remains at 0.6 mb/d, y-o-y, unchanged from last month’s assessment, with Brazil, Canada, the US, and Argentina as the main growth drivers. 

 

Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2025, to average 8.6 mb/d, followed by a similar increase of about 0.1 mb/d, y-o-y, in 2026, to average about 8.8 mb/d. 

 

Crude oil production by countries participating in the DoC increased by 43 tb/d in November,

m-o-m, to average about 43.06 mb/d, according to available secondary sources.  - (ANA) -

 

AB/ANA/12 December 2025 - - -