OPEC’s August 2026 report said Iran’s oil production increased from 2.451 million barrels per day in June to 2.478 million barrels per day in July, based on secondary-source data.

Saudi Arabia remained OPEC’s largest producer, pumping 7.352 million barrels per day in July. Iraq ranked third with output of 2.621 million barrels per day.

Total crude oil production by OPEC members rose to 23.632 million barrels per day in July, up 1.659 million barrels per day from June.

Meanwhile, combined crude oil production by countries participating in the OPEC+ cooperation agreement reached 37.655 million barrels per day in July, an increase of 1.424 million barrels per day from the previous month.

Iran’s Heavy Crude Price Falls

The report also showed a decline in the price of Iran’s heavy crude in July. The grade fell from $90.77 per barrel in June to $82.07 per barrel in July.

OPEC’s reference basket also declined by $6.76 during the month, averaging $82.99 per barrel.

Global Oil Demand Seen Rising in 2027

OPEC forecast global oil demand will increase by about 600,000 barrels per day in 2026 to 105.74 million barrels per day.

The outlook for 2027 is stronger, with OPEC projecting global oil demand to rise by about 2.2 million barrels per day. The latest forecast is also higher than the organization’s previous estimate.

Overall, the latest OPEC report shows continued growth in Iran’s crude oil production, allowing the country to retain its No. 2 position among the organization’s producers with output of 2.478 million barrels per day in July.