TEHRAN- The OPEC Secretariat announced that Saudi Arabia, with a daily production of 7,799,000 barrels, and Iran, with 3,060,000 barrels, were the top producers among major OPEC members in March.

According to a report by Mehr News Agency citing the OPEC Secretariat, the oil production of the organization's 12 member countries, based on the latest report (April 2026), totaled 20,788,000 barrels per day in March 2026, which represents a decrease of 7,878,000 barrels per day compared to February.

Iran's oil production in March decreased by 182,000 barrels per day, reaching 3,060,000 barrels per day. Iran's average daily oil production in 2025 was 3,263,000 barrels, and in 2024 it was 3,257,000 barrels.

Saudi Arabia, with a daily production of 7,799,000 barrels, and Iran, with 3,060,000 barrels, were the largest OPEC producers in March.

OPEC+ members produced 14,267,000 barrels per day in March, an increase of 176,000 barrels compared to February's production of 14,092,000 barrels. Among them, Kazakhstan experienced the largest production increase in March, with 251,000 barrels per day.

Overall, the total daily crude oil production of OPEC and its allies reached 35,055,000 barrels in March, a decrease of 7,702,000 barrels compared to February (42,757,000 barrels).

According to OPEC's latest monthly report, the price of Iran's heavy crude oil in March increased by $57.51 compared to February.

The price of Iran's heavy crude oil was recorded at $124.10 per barrel in March, whereas in February it was $66.59 per barrel. The average price of Iran's heavy crude oil in 2025 was $77.31.

The OPEC basket price also reached $116.36 per barrel in March, which is $48.46 higher than in February.

According to the OPEC Secretariat's latest monthly report (April), global crude oil demand for 2027 is expected to increase by 1,340,000 barrels per day. Total world oil demand for 2027 is forecast at 107,870,000 barrels per day.

EF/MA