According to opec.org, the basket price reached $110.59 per barrel, up from $86.44 in August, the report showed.

OPEC’s 11 members covered by secondary-source production data pumped a combined 21.18 million barrels per day in September, an increase of 834,000 barrels per day from 20.346 million barrels per day in August.

Saudi Arabia remained the group’s largest producer at 8.001 million barrels per day, followed by Iraq at 3.92 million barrels per day and Iran at 1.957 million barrels per day.

Production increased in five OPEC member countries during the month, with Saudi Arabia accounting for the largest gain at 744,000 barrels per day. Iran, Venezuela and Libya are exempt from the production cuts agreed upon by OPEC and its allies, collectively known as OPEC+.

Iran’s Heavy crude benchmark also recorded a sharp increase, climbing $24.59 per barrel in September to $105.84, compared with $81.25 in August.

The average price of Iranian Heavy crude stood at $92.70 per barrel during the first nine months of 2026, up from an annual average of $71.80 in 2025.

OPEC’s latest report also revised its outlook for global oil demand. The organization forecast demand growth of 180,000 barrels per day in 2026, bringing total consumption to 105.72 million barrels per day. The forecast was 200,000 barrels per day lower than the estimate published in September.

For 2027, OPEC expects global oil demand to increase by 2.55 million barrels per day, reaching 108.28 million barrels per day.