TEHRAN - Iran’s heavy crude oil price edged lower in November in line with other grades in the OPEC basket, the group’s latest monthly report showed.

The average price of Iran’s heavy crude fell to $64.25 a barrel in November from $64.74 in October, down 49 cents, according to the report.

The average price so far in 2025 stands at $70.21 a barrel, compared with $80.30 in the same period of 2024.

The OPEC reference basket averaged $64.46 a barrel in November, down 74 cents from $65.20 in October. The basket has averaged $70.27 a barrel so far this year, compared with $80.49 a year earlier.

Based on secondary sources, total OPEC crude output in October slipped by 1,000 barrels per day to 28.48 million bpd. Iran’s production fell by 19,000 bpd to 3.221 million bpd.

Output from OPEC+ allies rose by 44,000 bpd to 14.585 million bpd, lifting combined OPEC and non-OPEC production by 43,000 bpd to 43.065 million bpd.

EF/