Iran maintains position as 3rd largest oil producer in OPEC
Date
1/19/2025 6:52:10 AM
(MENAFN) According to OPEC’s first report for 2025, Iran maintained its position as the third-largest oil producer within the organization in December 2024, with an average daily output of 3.314 million barrels. This figure reflects Iran's continued standing among OPEC members, as the organization’s 12 countries produced a combined total of 26.741 million barrels per day (bpd) in December, an increase of 26,000 bpd compared to November. Saudi Arabia and Iraq retained their positions as the top two producers, with daily outputs of 8.938 million barrels and 4.019 million barrels, respectively.
OPEC+ members, which include both OPEC nations and allied producers, reported a total production of 13.913 million bpd in December, reflecting a decrease of 40,000 bpd from the previous month. The overall combined output of OPEC and its allies stood at 40.654 million bpd in December, which was slightly lower than November’s 40.669 million bpd.
Iran’s heavy crude oil price averaged USD73 per barrel in December 2024, marking a slight increase of USD0.19 (0.3 percent) compared to November’s price of USD72.81. Over the course of 2024, the average price of Iran’s heavy crude oil was USD79.71 per barrel. In comparison, the OPEC Reference Basket price averaged USD73.07 per barrel in December, rising by USD0.66 (1.0 percent) from the previous month.
Looking ahead, OPEC’s January report predicts that global oil demand will increase by 1.45 million bpd in 2025, reaching a total of 105.2 million bpd. Additionally, global demand is expected to rise by another 1.43 million bpd in 2026, reaching a total of 105.63 million bpd.
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