The price of Iran’s heavy crude oil reached $79.65 per barrel in January.

OPEC’s February report also revealed that Iran maintained its position as the third-largest producer in the organization, with daily production of 3.28 million barrels in January.

OPEC Production Declines Slightly in January

Secondary sources cited in OPEC’s February report indicated that the organization’s 12 members produced 26.678 million barrels per day (bpd) in January, a decrease of 121,000 bpd from December’s 26.8 million bpd.

Saudi Arabia, Iraq, and Iran were the top three producers in OPEC for January 2025. Saudi Arabia led with 8.937 million bpd, followed by Iraq with 3.999 million bpd, and Iran with 3.28 million bpd.

Meanwhile, OPEC+ members produced 13.947 million bpd in January, a slight increase of 3,000 bpd from December’s 13.943 million bpd.

Combined OPEC+ output drops in January

Total crude oil production by OPEC and its allies reached 40.625 million bpd in January, down 118,000 bpd from December’s 40.743 million bpd.

Iran’s heavy crude prices and OPEC basket rise

OPEC’s latest monthly report highlighted that Iran’s heavy crude oil prices in January 2025 averaged $79.65 per barrel, up from $73 per barrel in December.

The average price of Iran’s heavy crude in 2024 was $80.14 per barrel.

The OPEC basket price also increased in January, reaching $79.38 per barrel, a rise of $6.31 (8.6%) compared to December 2024.

Global oil demand projections for 2025, 2026

OPEC’s February report projected that global crude oil demand in 2025 would increase by 1.45 million bpd, reaching a total of 105.2 million bpd.

 The organization also forecasted that global oil demand in 2026 would rise by 1.43 million bpd, reaching 106.63 million bpd.