TEHRAN – The price of Iran’s heavy crude oil climbed by $5.88, or 9.2 percent, in June compared to May, reaching $69.13 per barrel, according to OPEC’s latest monthly report.

Citing figures from the OPEC Secretariat, Shana reported that the collective crude oil output of the 12 OPEC member states stood at 27.235 million barrels per day (bpd) in June—up 220,000 bpd from the previous month.

Iran's crude production fell by 62,000 bpd to 3.241 million bpd in June. Despite the drop, Iran retained its position as OPEC’s third-largest producer after Saudi Arabia and Iraq. Iran's average daily oil output for 2024 stands at 3.257 million bpd, compared to 2.884 million bpd in 2023.

Saudi Arabia produced 9.356 million bpd in June, followed by Iraq at 3.943 million bpd, with Iran ranking third at 3.241 million bpd.

OPEC+ countries, which include non-OPEC allies, pumped 14.323 million bpd in June, an increase of 129,000 bpd from May. Total crude oil production from OPEC and its partners reached 41.559 million bpd in June, marking a 349,000 bpd increase compared to May’s 41.210 million bpd.

Iran’s heavy crude averaged $63.25 per barrel in May, and its average price for 2024 was $83.45. The OPEC Reference Basket price also rose in June to $69.73 per barrel, a $6.11 or 9.6 percent increase from the previous month.

OPEC’s June report also projected that global oil demand will rise by 1.28 million bpd in 2025, with total demand reaching 105.13 million bpd for the year.

EF/MA