TEHRAN – The Organization of the Petroleum Exporting Countries (OPEC)’s latest monthly report indicates that the price of Iran’s heavy crude oil rose by $6.65, or 9.1 percent, in January compared to December, reaching $79.65 per barrel.

As IRNA reported, citing the OPEC Secretariat, Iran maintained its position as the third-largest producer within the organization in January, with an average daily output of 3.28 million barrels.

OPEC’s secondary source report for February shows that the 12-member organization produced 26.678 million barrels per day (bpd) in January, a decrease of 121,000 bpd from December’s 26.8 million bpd.

Saudi Arabia led production in January 2025 with 8.937 million bpd, followed by Iraq at 3.999 million bpd and Iran at 3.28 million bpd.

OPEC+ members collectively produced 13.947 million bpd in January, slightly increasing by 3,000 bpd from December’s 13.943 million bpd.

Overall, the combined crude oil production of OPEC and its allies reached 40.625 million bpd in January, marking a decline of 118,000 bpd compared to December’s 40.743 million bpd.

OPEC’s latest monthly report confirmed that Iran’s heavy crude oil price rose from $73 per barrel in December to $79.65 in January 2025. The average price of Iran’s heavy crude in 2024 was recorded at $80.14 per barrel.

The OPEC oil basket price also increased in January, reaching $79.38 per barrel, up by $6.31 (8.6%) compared to December 2024.

According to OPEC’s February report, global oil demand is expected to rise by 1.45 million bpd in 2025, bringing total demand to 105.2 million bpd.

OPEC also forecasts that global oil demand in 2026 will increase by 1.43 million bpd, reaching a total of 106.63 million bpd.

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