WANA (Jul 16) – The latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC) reveals that the price of Iran’s heavy crude oil climbed by $5.88 in June compared to the previous month, reaching $69.13 per barrel.

 

OPEC’s reference basket also saw a significant increase, averaging $69.73 per barrel in June, up $6.11 from May. Since the beginning of 2025, the average price of the OPEC basket has stood at $72.04 per barrel.

 

In terms of production, OPEC’s total crude oil output rose to 27.235 million barrels per day (bpd) in June, marking a month-on-month increase of 220,000 bpd. However, Iran’s oil production fell by 62,000 bpd, bringing its output to 3.241 million bpd.

 

Production among OPEC’s allies within the OPEC+ group also increased. Their output reached 14.323 million bpd in June, reflecting a 129,000 bpd rise compared to May.

 

Altogether, OPEC and its non-OPEC partners produced 41.559 million bpd last month — a combined increase of 349,000 bpd.