Iran accounted for 34,000 barrels of the increase, marking the second-largest production rise among member states after Venezuela.

According to opec.org, the combined crude oil output of the organization’s 12 members averaged 28.63 million barrels per day in February 2026, up from January levels by 164,000 barrels per day.

Iran’s oil production rose by 34,000 barrels per day in February, reaching 3.176 million barrels per day. Iran’s average daily oil production was 3.263 million barrels in 2025 and 3.257 million barrels in 2024.

Saudi Arabia remained the largest OPEC producer in February with output of 10.11 million barrels per day, followed by Iraq at 4.188 million barrels per day.

Members of the OPEC+ produced 14.092 million barrels per day in February, up 282,000 barrels from 13.81 million barrels per day in January. Kazakhstan recorded the largest production increase among the group, rising by 293,000 barrels per day during the month.

In total, crude oil production by OPEC and its allies reached 42.722 million barrels per day in February, up 445,000 barrels from 42.276 million barrels per day in January.

According to OPEC’s latest monthly report, the price of Iran’s Heavy Crude rose by $5.72 in February compared with January. Iran’s Heavy Crude averaged $66.59 per barrel in February, up from $60.87 per barrel in January. The average price of Iran’s Heavy Crude in 2025 was $78.58 per barrel.

The OPEC basket price also rose to $67.90 per barrel in February, an increase of $5.59 from January.

The OPEC’s March report also projects global oil demand will increase by 1.34 million barrels per day in 2027, bringing total global demand to an estimated 107.87 million barrels per day.