According to the 60th edition of OPEC’s Annual Statistical Bulletin (ASB-2025), Iran achieved a 13% rise in crude oil production in 2024, the highest growth rate worldwide. 

Iran’s daily crude output rose from 2.884 million bpd in 2023 to 3.257 million bpd in 2024, marking an increase of 374,000 bpd. 

The United States followed with a 274,000-bpd increase (2% growth), while Nigeria (+158,000 bpd), Venezuela (+138,000 bpd) and Argentina (+65,000 bpd) also saw gains. 

In contrast, Saudi Arabia’s production fell by 651,000 bpd (7%), marking its second straight year of decline at the same rate. Russia (-404,000 bpd) and Iraq (-256,000 bpd) were among the countries with the largest production drops. 

Global oil production decreased by 767,000 bpd in 2024 compared to the previous year, with OPEC members accounting for 572,000 bpd of the decline.