According to OPEC’s Secretariat, the group’s total crude oil production rose by 33,000 barrels per day (bpd) in October to reach 28.46 million bpd. Despite the overall increase, the OPEC Reference Basket price dropped more than $5 during the month.

Iran’s oil production declined by 66,000 bpd in October, averaging 3.209 million bpd. The country’s average production stood at 3.257 million bpd in 2024, compared with 2.884 million bpd in 2023.

Saudi Arabia remained OPEC’s largest producer in October 2025, pumping an average of 10.003 million bpd, followed by Iraq with 4.098 million bpd.

OPEC+ members — including OPEC nations and their allies — produced a combined 14.564 million bpd in October, down by 106,000 bpd from September’s 14.67 million bpd. Kazakhstan saw the largest decline among them, reducing its output by 155,000 bpd.

In total, OPEC and its allies produced 43.024 million bpd in October, slightly lower than the 43.097 million bpd recorded in September — a net decrease of 73,000 bpd.

Iran’s Crude Price Decline

OPEC’s monthly report showed that the price of Iran’s heavy crude averaged $64.74 per barrel in October 2025, down from $69.81 in September — a $5.07 drop. The average price of Iran’s heavy crude for 2024 stood at $81.03 per barrel.

The OPEC Reference Basket averaged $65.20 per barrel in October, marking a $5.19 decline compared with September 2025.

Global Oil Demand Forecast

The OPEC Secretariat also projected global oil demand to grow by 1.38 million bpd in 2025, bringing total world demand to an estimated 105.14 million bpd.