The Organization of the Petroleum Exporting Countries (OPEC) lowered its annual production forecast for countries outside the OPEC+ alliance in its monthly report, citing reduced capex given fading oil prices.

The Organization predicted that non-OPEC+ countries will increase production by 800,000 bpd this year, down from the previous forecast of 900,000 bpd.

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It was expected that exploration and production investments in non-OPEC+ countries will drop by 5% YoY, compared to an increment of approximately US$3 billion to US$299 billion last year.

The report also revealed that OPEC+ reduced oil production by 106,000 bpd last month to 40.92 million bpd.