TEHRAN – Iran increased its oil production by 12,000 barrels per day (bpd) in March, bringing total output to 3.335 million bpd, according to the latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC).

The report, released by OPEC’s secretariat, shows that the group’s 12 member states collectively produced 26.776 million bpd in March, a decline of 78,000 bpd from February.

Iran maintained its position as OPEC’s third-largest oil producer after Saudi Arabia and Iraq. Saudi Arabia produced 8.964 million bpd in March, followed by Iraq at 3.981 million bpd.

Iran’s average oil production for 2024 stands at 3.257 million bpd, up from 2.884 million bpd in 2023.

OPEC+—which includes Russia and other non-OPEC allies—produced 14.244 million bpd in March, an increase of 41,000 bpd from the previous month. Combined production from OPEC and its allies reached 41.020 million bpd in March, slightly down from 41.057 million bpd in February.

Iran’s heavy crude averaged $74.76 per barrel in March 2025, down $2.65 or 3.4 percent from February’s $77.41. The average price for Iran’s heavy crude so far in 2024 has been $80.24 per barrel.

OPEC’s reference basket also fell, averaging $74 per barrel in March—a drop of $2.81 or 3.7 percent from the previous month.

According to the same report, global oil demand is projected to grow by 1.45 million bpd in 2025, reaching an estimated 105.2 million bpd by year-end.

EF/