Iran third largest oil producer of OPEC family

According to OPEC’s first report of 2025, Iran maintained its position as the organization’s third-largest oil producer in December 2024, with an average daily production of 3.314 million barrels.

Data from OPEC’s Secretariat revealed that the organization’s 12 member states produced a combined total of 26.741 million barrels per day (bpd) in December, marking an increase of 26,000 bpd from November.

Saudi Arabia and Iraq retained their positions as the top two producers, with daily outputs of 8.938 million barrels and 4.019 million barrels, respectively.

Production from OPEC Plus members, which includes OPEC countries and allied producers, reached 13.913 million bpd in December, a decrease of 40,000 bpd compared to the previous month.

Overall, the combined output of OPEC and its allies in December totalled 40.654 million bpd, slightly lower than November’s 40.669 million bpd.

Iran’s heavy crude oil price averaged US$73 per barrel in December 2024, reflecting 0.3% increase. For the entire year of 2024, the average price of Iran’s heavy crude stood at US$79.71 per barrel.

Meanwhile, the OPEC Reference Basket price averaged US$73.07 per barrel in December 2024, a 1.0%MoM increase.

OPEC’s January report forecasts that global oil demand will grow by 1.45 million bpd in 2025, reaching a total of 105.2 million bpd.

The organization also projects that global demand will rise by an additional 1.43 million bpd in 2026, bringing the total to 105.63 million bpd.