According to the report, the total crude oil production of 13 OPEC members reached 26.604m bpd in March – 3,000 bpd higher from a month earlier.

The statistics also showed Iran has regained its position as the third-largest crude oil producer in March, following top producer Saudi Arabia and Iraq with 9.037m bpd and 4,194m bpd, respectively.

Based on the MOMR, the price of each barrel of Iran’s heavy crude oil in March rose to $83.48 from $80.34 in February.

The average oil price of OPEC in March 2024 hit $84.22, showing a $2.99, or 3.7 percent, increase when compared to that of February, according to the report.