OPEC’s report, citing secondary sources, revealed that the 12 member countries produced 26.741 million barrels per day (bpd) in December, a slight increase of 26,000 bpd from November’s 26.715 million bpd.

Saudi Arabia led production with 8.938 million bpd, followed by Iraq at 4.019 million bpd and Iran at 3.314 million bpd, solidifying their positions as OPEC’s top three producers. 

Meanwhile, OPEC+ members produced 13.913 million bpd in December, a decrease of 40,000 bpd from November’s 13.953 million bpd.

OPEC and its allies (OPEC+) produced 40.654 million bpd in December, down 14,000 bpd from November’s 40.669 million bpd. 

Iran’s Heavy Crude price rises slightly 

OPEC’s latest monthly report also noted that Iran’s heavy crude oil prices increased by 19 cents, or 0.3%, in December compared to November 2024. Iran’s heavy crude was priced at $73 per barrel in December, up from $72.81 in November. The average price of Iran’s heavy crude in 2024 was $79.71 per barrel. 

The OPEC basket price also rose slightly, reaching $73.07 per barrel in December, a 0.9-cent (1%) increase from November. 

Global oil demand outlook 

OPEC’s January report projected that global crude oil demand in 2025 will increase by 1.45 million bpd, reaching a total of 105.2 million bpd. The organization also forecasted that global oil demand in 2026 will rise by 1.43 million bpd, reaching 105.63 million bpd.