WANA (Oct 15) – According to the latest report from the OPEC Secretariat, Iran recorded the highest oil production increase among OPEC members in September, despite a 2.3% overall decline in OPEC’s total output. While the organization’s collective production dropped, Iran’s oil output grew by 0.6% last month.

 

Data from OPEC’s secondary sources show that Iran produced 3.316 million barrels per day (bpd) of crude oil in September 2024, marking a 21,000 bpd increase compared to August 2024.

 

In contrast, OPEC’s total oil production dropped by 604,000 bpd in September, from 26.648 million bpd in August to 26.044 million bpd.

 

Iran retained its position as the third-largest oil producer within OPEC, trailing behind Saudi Arabia, which produced 8.971 million bpd, and Iraq, with 4.112 million bpd.

 

Iran Boosts Oil Output Amidst Decline from Major Producers

While Iran increased its oil production by 21,000 bpd in September, Saudi Arabia and Iraq saw their output decline by 23,000 bpd and 155,000 bpd, respectively. This positions Iran as the OPEC member with the highest production increase in September.

 

Meanwhile, production among OPEC+ members also grew, with a combined increase of 47,000 bpd, reaching 14.060 million bpd in September, up from 14.013 million bpd in August. However, Russia’s oil production decreased by 28,000 bpd during the same period.

 

In total, OPEC and OPEC+ members saw a collective reduction of 557,000 bpd in crude oil production, lowering their combined output from 40.661 million bpd in August to 40.104 million bpd in September.

 

OPEC Reports Decline in Oil Prices and Demand Forecast

 

OPEC’s September report also highlighted a 5.2% decline in the price of Iran’s heavy crude, which dropped by $4.04, bringing the price to $73.59 per barrel compared to $77.63 in August. The average price of Iran’s heavy crude in 2024 has been $81.85 per barrel.

 

OPEC’s basket price also experienced a decline, averaging $73.59 per barrel in September 2024, down $4.82 (6.1%) from August.

 

In its October report, OPEC revised down its global oil demand forecast for 2024, reducing it by 100,000 bpd. The total global oil demand is now projected to reach 104.14 million bpd for the year, a daily increase of 1.64 million bpd compared to 2023.

 

However, the demand forecast for 2025 was also lowered by 210,000 bpd, with global oil consumption expected to reach 105.78 million bpd.