Iran’s oil output rises by 37,000 bpd in November: OPEC

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

OPEC’s secondary source data shows that the group’s 12 members produced a combined 26.657 million bpd in November, an increase of 104,000 bpd from October’s 26.554 million bpd. Saudi Arabia remained the top producer with 8.963 million bpd, followed by Iraq with 4.043 million bpd and Iran with 3.323 million bpd.

The broader OPEC+ group produced 14.008 million bpd in November, up 219,000 bpd from October’s 13.788 million bpd. In total, OPEC and its allies raised crude production by 323,000 bpd, bringing output from 40.342 million bpd in October to 40.665 million bpd in November.

The report noted that Iran’s heavy crude price fell by $1.25, or 1.7 percent, to $72.81 per barrel in November, compared to $74.06 per barrel in October. The average price of Iran’s heavy crude for 2024 stood at $80.30 per barrel.

OPEC’s basket price also fell to $72.98 per barrel in November, reflecting a $1.47 (2%) decline from October.

OPEC’s latest monthly report forecasts global oil demand to rise by 1.61 million bpd in 2024, reaching a total of 104.3 million bpd. This represents an upward revision of 110,000 bpd from October’s estimate.

Looking ahead, OPEC predicts global oil demand will increase by 1.45 million bpd in 2025, reaching 105.57 million bpd. However, the forecast was revised downward by 30,000 bpd from the previous month’s estimate.

EF/MA