TEHRAN-OPEC's latest monthly report showed that the price of a barrel of Iranian heavy crude oil in May rose by more than $10 compared to April.

According to ISNA, the price of a barrel of Iranian heavy crude oil reached $115.39 in May, an increase of $10.24 compared to the price of $105.15 in April. 

The average price of Iranian heavy crude oil from the beginning of 2026 to May was $94.97 per barrel, compared to $72.89 in the same period of 2025.

OPEC's basket price averaged $114.55 in May, a monthly increase of $5.49 compared to $109.06 in April. 

OPEC's basket price from the beginning of 2026 to May reached $94.50, compared to $72.50 in the same period of 2025.

Based on secondary source data, OPEC's crude oil production in May fell by 177,000 barrels per day (bpd) to 18.829 million bpd. Iran's oil production was 2.330 million bpd.

Production by OPEC's non-OPEC partners in the OPEC+ group fell by 9,000 bpd during the past month, to 14.303 million bpd. Total OPEC and non-OPEC production fell by 185,000 bpd to 33.132 million bpd.

EF/MA