According to OPEC’s Monthly Oil Market Report (MOMR) – December 2023, Iran’s November crude production witnessed a 7,000 bpd increase from a month earlier.

The MOMR statistics show Iran retaining its place as the third-largest producer of OPEC, standing after Saudi Arabia with 8.998m bpd output and Iraq with 4.278m bpd production.

Based on secondary sources, 13 member states of OPEC produced 27.837m bpd of crude oil in November while its October output was 27.895m bpd, the report said.

Iran’s heavy crude oil price stood at $85 in November, 7.2 percent lower than its October price – $91.55.

The country’s average heavy crude price was $101.76 in 2022, the OPEC figures showed.