OPEC’s latest report reveals that the group’s 12 member states produced a total of 26.776 million barrels per day (bpd) in March, marking a slight decline of 78,000 bpd compared to February.
Iran remained the third-largest oil producer within OPEC, following Saudi Arabia and Iraq. Saudi Arabia produced 8.964 million bpd in March, while Iraq followed with 3.981 million bpd.
Iran’s average oil production for 2024 stood at 3.257 million bpd, an increase from 2.884 million bpd in 2023.
OPEC+, which includes Russia and other non-OPEC allies, produced 14.244 million bpd in March, rising by 41,000 bpd from February. Combined, OPEC and its allies produced 41.020 million bpd in March, slightly down from 41.057 million bpd the month before.
The price of Iran’s heavy crude averaged $74.76 per barrel in March 2025, a decline of $2.65 or 3.4% from February’s $77.41. For 2024, the average price of Iran’s heavy crude has been $80.24 per barrel.
OPEC’s reference basket also saw a drop, averaging $74 per barrel in March, down by $2.81 or 3.7% from the previous month.
The report further highlights that global oil demand is expected to grow by 1.45 million bpd in 2025, reaching a projected total of 105.2 million bpd by the end of the year.