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24 آذر 1403
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Significant 37,000-Barrel Increase in Iran’s Oil Production in November

According to the latest report from the Secretariat of the Organization of Petroleum Exporting Countries (OPEC), Iran’s oil production increased by 37,000 barrels per day in November (Aban – Azar) compared to the previous month.

The report, based on secondary sources from OPEC, reveals that the 12 member countries of the organization collectively produced 26.657 million barrels per day in November, an increase of 104,000 barrels per day from 26.554 million barrels per day in October.

According to the report, Iran, with a production of 3.323 million barrels per day, ranks as the third-largest OPEC producer, following Saudi Arabia with 8.963 million barrels per day and Iraq with 4.043 million barrels per day.

Oil production by OPEC+ countries in November reached 14 million and 8 thousand barrels per day, which is an increase of 219,000 barrels per day from 13.788 million barrels per day in October.

In total, OPEC and its allies increased their crude oil production by 323,000 barrels per day, rising from 40.342 million barrels per day in October to 40.665 million barrels per day in November.

Meanwhile, the price of Iranian heavy crude oil in November decreased by 1.7% compared to October, reaching $72.81 per barrel. In October, this figure was $74.06 per barrel. The average price of Iranian heavy crude oil in 2024 so far has been $80.30 per barrel.

Additionally, the OPEC oil basket price in November reached $72.98 per barrel, showing a 2% increase compared to October.

According to OPEC’s forecasts, global oil demand in 2024 is expected to increase by 1.61 million barrels per day, reaching a total of 104.3 million barrels per day. Furthermore, global oil demand in 2025 is projected to rise by 1.45 million barrels per day, reaching 105.57 million barrels per day.

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