TEHRAN Iran increased its oil production by 12,000 barrels daily (bpd) in March, bringing total output to 3.335 million bpd, according to the most recent month-to-month report from the Organization of the Petroleum Exporting Countries (OPEC).
The report, launched by OPECs secretariat, shows that the groups 12 member states collectively produced 26.776 million bpd in March, a decrease of 78,000 bpd from February.Iran maintained its position as OPECs third-largest oil producer after Saudi Arabia and Iraq.
Saudi Arabia produced 8.964 million bpd in March, followed by Iraq at 3.981 million bpd.Irans average oil production for 2024 stands at 3.257 million bpd, up from 2.884 million bpd in 2023.
OPEC+which includes Russia and other non-OPEC alliesproduced 14.244 million bpd in March, a boost of 41,000 bpd from the previous month.
Combined production from OPEC and its allies reached 41.020 million bpd in March, somewhat below 41.057 million bpd in February.Irans heavy crude balanced $74.76 per barrel in March 2025, down $2.65 or 3.4 percent from Februarys $77.41.
The average price for Irans heavy crude so far in 2024 has actually been $80.24 per barrel.OPECs recommendation basket also fell, balancing $74 per barrel in Marcha drop of $2.81 or 3.7 percent from the previous month.According to the very same report, international oil demand is predicted to grow by 1.45 million bpd in 2025, reaching an approximated 105.2 million bpd by year-end.
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This post first appeared/also appeared in Tehran Times