According to the Organization of the Petroleum Exporting Countries (OPEC) Secretariat, the 12 OPEC members produced 27.543 million bpd in July, an increase of 263,000 bpd from June.

Iran’s oil output fell by 12,000 bpd to 3.245 million bpd. Despite the decline, Iran remained 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.

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

- Saudi Arabia: 9.526 million bpd 

- Iraq: 3.902 million bpd 

- Iran: 3.245 million bpd 

OPEC+ allies produced 14.397 million bpd in July, up 72,000 bpd from June’s 14.324 million bpd.

Overall, OPEC and its partners' crude output in July reached 41.94 million bpd, a 335,000 bpd increase from June’s 41.605 million bpd.

 Oil prices rise in July 

According to OPEC’s latest monthly report, Iran’s heavy crude oil price rose by $1.68 per barrel in July, reaching $70.81, up from $69.13 in June. Iran’s average heavy crude price in 2024 was $83.62 per barrel.

The OPEC basket price also increased, averaging $70.97 per barrel in July, up $1.24 from June 2025.

 Global oil demand outlook 

OPEC’s July monthly report projects global crude oil demand to grow by 1.38 million bpd in 2025, with total world demand forecast at 105.14 million bpd.