OPEC’s May report showed that the 12 member countries’ April output fell by 62,000 bpd compared to March.  

Iran’s oil production declined by 30,000 bpd to 3.305 million bpd, maintaining its position as OPEC’s third-largest producer after Saudi Arabia and Iraq. Iran’s average production in 2024 was 3.257 million bpd, up from 2.884 million bpd in 2023.

Saudi Arabia led production with 9.01 million bpd, followed by Iraq at 3.964 million bpd and Iran at 3.305 million bpd in April 2025.  

OPEC+ members produced 14.206 million bpd in April, down 45,000 bpd from March’s 14.25 million bpd.  

Combined crude output from OPEC and its allies fell to 40.916 million bpd in April, a decrease of 106,000 bpd from March’s 41.022 million bpd. 

Oil prices decline in April  

Iran’s heavy crude oil price dropped by $5.03 (6.7%) in April compared to March, settling at $69.73 per barrel. In March, the price was $74.76 per barrel. The 2024 average price for Iranian heavy crude was $83.21 per barrel.  

OPEC’s basket price also fell to $68.98 per barrel in April, down $5.02 (6.8%) from March 2025.  

Global oil demand forecast adjusted 

OPEC’s latest monthly report (March) projects global crude oil demand in 2025 to decrease by 50,000 bpd. Total world oil demand for 2025 is forecast at 105 million bpd.