WANA (Sep 11) – According to the latest report from the OPEC Secretariat, Iran’s oil production continues its upward trend. The report indicates that in August, Iran produced 3.277 million barrels of crude oil per day, a 4,000-barrel increase compared to July 2024.

 

The report also shows that the total production of OPEC’s 12 member countries in August reached 26.588 million barrels per day, a decrease of 197,000 barrels from the previous month.

 

Despite this drop, Iran remains the third-largest producer within OPEC, following Saudi Arabia (8.983 million barrels per day) and Iraq (4.228 million barrels per day).

 

During this period, seven OPEC members increased their production, with the largest growth coming from Nigeria, which added 57,000 barrels per day. Iran, along with Venezuela and Libya, is exempt from the OPEC+ production cut agreement, allowing it to steadily increase output.

 

On pricing, OPEC reported that the price of Iran’s heavy crude oil dropped by 8.2% in August, reaching $77.63 per barrel, down from $84.57 in July 2024. The average price of Iran’s heavy crude for 2024 has so far been $82.86 per barrel.

 

OPEC’s forecast for global oil demand in 2024 predicts a daily increase of 2.3 million barrels, bringing the total demand to 104.24 million barrels per day. For 2025, an additional increase of 1.74 million barrels per day is expected, pushing global demand to 105.99 million barrels per day.

 

This latest OPEC report highlights Iran’s continued significance in the global oil market and its role in meeting growing global demand.