OPEC's April report showed on Monday that the combined output of its 12 member countries in March was 26.776 million bpd, a decrease of 78,000 bpd from February. 

Iran maintained its position as OPEC’s third-largest oil producer, behind Saudi Arabia and Iraq. The country’s average production in 2024 was 3.257 million bpd, up from 2.884 million bpd in 2023.

In March 2025, OPEC’s top three producers were: 

- Saudi Arabia: 8.964 million bpd 

- Iraq: 3.981 million bpd 

- Iran: 3.335 million bpd 

Meanwhile, OPEC+ members produced 14.244 million bpd in March, up 41,000 bpd from February. 

Total crude output from OPEC and its allies fell by 37,000 bpd in March to 41.02 million bpd, compared with 41.057 million bpd in February.
 
Oil prices decline 

Iran’s heavy crude oil price dropped by $2.65 (3.4%) in March, averaging $74.76 per barrel, down from $77.41 in February. The 2024 average price was $80.24 per barrel. 

OPEC’s basket price also fell to $74 per barrel in March, down $2.81 (3.7%) from February 2025. 

Global oil demand outlook
OPEC’s March report projects global crude oil demand to rise by 1.45 million bpd in 2025, reaching a total of 105.2 million bpd.