Citing the OPEC Secretariat’s April 2026 report, total oil production from the organization’s 12 members averaged 20.788 million barrels per day in March 2026, down 7.878 million barrels per day from February.

Iran’s oil production declined by 182,000 barrels per day in March to 3.06 million barrels per day. The country’s average daily output was 3.263 million barrels in 2025 and 3.257 million barrels in 2024.

Saudi Arabia, with 7.799 million barrels per day, and Iran, with 3.06 million barrels per day, were the largest OPEC producers in March.

OPEC+ members produced 14.267 million barrels per day in March, up 176,000 barrels per day from 14.092 million barrels per day in February. Kazakhstan recorded the largest increase, rising by 251,000 barrels per day.

Combined crude output from OPEC and its allies reached 35.055 million barrels per day in March, down 7.702 million barrels per day from 42.757 million barrels per day in February.

According to the report, the price of Iran’s heavy crude rose by $57.51 in March compared with February, reaching $124.10 per barrel, up from $66.59 per barrel. The average price of Iran’s heavy crude in 2025 was $77.31 per barrel.

The OPEC basket price also increased in March to $116.36 per barrel, up $48.46 from February.

The report projects global oil demand will rise by 1.34 million barrels per day in 2027, bringing total demand to 107.87 million barrels per day.