OPEC’s May report showed that the 12 member countries’ April output increased by 183,000 bpd compared to April.  

Iran’s oil production declined by 25,000 bpd to 3.303 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 9.183 million bpd, followed by Iraq at 3.930 million bpd and Iran at 3.303 million bpd in May 2025.  

OPEC+ members produced 14.209 million bpd in May, down 3,000 bpd from April’s 14.212 million bpd.  

Combined crude output from OPEC and its allies fell to 41.230 million bpd in May, a increase of 108,000 bpd from April’s 41.050 million bpd. 

Oil prices in May

Iran’s heavy crude oil price dropped by $3.48 (5%) in May compared to April, settling at $63.25 per barrel. In April, the price was $69.73 per barrel. The 2024 average price for Iranian heavy crude was $83.21 per barrel.  

OPEC’s basket price also fell to $63.62 per barrel in May, down $5.36 (7.7%) from April 2025.  

Global oil demand forecast adjusted 

OPEC’s latest monthly report (April) projects global crude oil demand in 2025 to increase by 130,000 bpd. Total world oil demand for 2025 is forecast at 105.130 million bpd.