The June 2026 report from the Organization of the Petroleum Exporting Countries showed that crude oil production from OPEC’s 12 members averaged 18.829 million bpd in May, down from April levels by 177,000 bpd.

Iran’s oil production fell by 546,000 bpd in May to 2.33 million bpd. The country’s average crude output stood at 3.263 million bpd in 2025 and 3.257 million bpd in 2024.

Saudi Arabia remained OPEC’s largest producer in May with 6.912 million bpd, followed by Iran at 2.33 million bpd.

Production from OPEC+ participating countries averaged 14.303 million bpd in May, down 9,000 bpd from April’s 14.312 million bpd. Mexico recorded the largest production increase among the group, adding 4,000 bpd.

Combined crude output from OPEC and its allies totaled 33.132 million bpd in May, a decline of 185,000 bpd compared with April’s 33.317 million bpd.

OPEC’s report showed that the price of Iranian Heavy crude climbed to $115.39 per barrel in May, up from $105.15 per barrel in April. The average price of Iranian Heavy crude was $72.89 per barrel in 2025 and $94.97 per barrel during the first five months of 2026.

The OPEC Reference Basket price also increased in May, reaching $114.55 per barrel, up $5.49 from April.

Looking ahead, OPEC forecasts global oil demand will rise by 1.73 million bpd in 2027 to 107.86 million bpd. The organization also projects global demand will reach 106.13 million bpd in 2026, an increase of 970,000 bpd compared with 2025.