According to opec.org, output from the group’s 12 member countries, based on secondary sources, averaged 28.453 million barrels per day in January 2026, down 135,000 barrels per day from December 2025.

Iran’s crude oil production edged down by 81 barrels per day in January to 3.129 million barrels per day. Iran’s average daily production stood at 3.263 million barrels per day in 2025 and 3.257 million barrels per day in 2024.

Saudi Arabia and Iraq remained OPEC’s largest producers in January 2026, with output of 10.086 million barrels per day and 4.157 million barrels per day, respectively.

Production by OPEC+ members averaged 13.996 million barrels per day in January, a decrease of 305,000 barrels per day from 14.300 million barrels per day in December 2025.

Combined crude oil production by OPEC and its allies totaled 42.448 million barrels per day in January, down 439,000 barrels per day from December’s 42.888 million barrels per day.

Based on OPEC’s latest monthly report, the price of Iran’s heavy crude fell by 57 cents in January compared with December 2025. Iran’s heavy crude was priced at $60.87 per barrel in January, versus $61.44 per barrel in December. The average price of Iran’s heavy crude in 2025 was $79.65 per barrel.

The OPEC basket price rose to $62.31 per barrel in January, up 61 cents from December 2025.

In its February monthly report, the OPEC Secretariat said global oil demand is forecast to increase by 1.34 million barrels per day in 2027. Total world oil demand for 2027 is projected at 107.86 million barrels per day.