The report shows that the 12 OPEC member states collectively produced 28.48 million barrels per day in November—1,000 barrels per day less than in October.

Iran’s crude oil production dropped by 19,000 barrels per day in November, falling to 3.221 million barrels per day. Iran’s average output was 3.257 million barrels per day in 2024 and 2.884 million barrels per day in 2023.

Saudi Arabia and Iraq remained OPEC’s top producers in November 2025, with 10.053 million barrels per day and 4.077 million barrels per day, respectively.

OPEC+ members produced 14.585 million barrels per day in November, an increase of 44,000 barrels per day from October’s 14.54 million barrels. Kazakhstan recorded the largest production increase among OPEC+ members in November, adding 36,000 barrels per day.

Total crude oil production from OPEC and its allies reached 43.065 million barrels per day in November, up 43,065 barrels from October’s 43.022 million barrels.

Iran’s Oil Price Declines

According to OPEC’s latest monthly report, the price of Iran’s heavy crude fell by 49 cents in November compared with October. Iran’s heavy crude averaged $64.25 per barrel in November 2025, down from $64.74 in October. The average price for 2024 was $80.30 per barrel.

The OPEC Reference Basket price also declined, averaging $64.46 per barrel in November—74 cents lower than in October 2025.

OPEC’s December report projects that global oil demand will rise by 1.23 million barrels per day in 2025, reaching an estimated 105.14 million barrels per day for the year.