The Organization of the Petroleum Exporting Countries said total production among its members, based on secondary sources, reached 22.002 million bpd in June, an increase of 3.051 million bpd from May.

Iran's output climbed by 155,000 bpd during the month, up from 2.286 million bpd in May to 2.441 million bpd in June. Saudi Arabia remained OPEC's largest producer, pumping 6.847 million bpd.

Combined production from OPEC+ member countries rose by 2.999 million bpd to reach 36.278 million bpd, the report said.

Iran's heavy crude oil price fell $24.62 from the previous month to $90.77 per barrel in June, the report noted. The average price of the OPEC basket of crudes also dropped, sliding $24.80 to $89.75 per barrel.

On the demand side, OPEC left its global oil demand forecast unchanged, projecting world oil consumption will reach 105.94 million bpd in 2026 — an increase of 780,000 bpd compared with 2025.