The Organization of the Petroleum Exporting Countries said in its January 2026 monthly report that total oil output from its 12 members averaged 28.564 million barrels per day in December 2025, up 105,000 barrels per day from November.

Iran’s oil production declined by 1,000 barrels per day in December to 3.187 million barrels per day. Iran’s average oil output stood at 3.261 million barrels per day in 2025, compared with 2.257 million barrels per day in 2024.

Saudi Arabia and Iraq were OPEC’s largest producers in December 2025, with daily output of 10.078 million barrels and 4.119 million barrels, respectively.

Non-OPEC DoC members produced 14.267 million barrels per day in December, down 344,000 barrels per day from 14.610 million barrels per day in November. Kazakhstan recorded the largest production decline among the group, cutting output by 237,000 barrels per day.

Overall crude oil production by OPEC and its allies averaged 42.831 million barrels per day in December, down 238,000 barrels per day from November’s level of 43.069 million barrels per day.

According to the latest OPEC monthly report, the price of Iran Heavy crude fell by $2.41 in December compared with November. Iran Heavy crude was priced at $61.84 per barrel in December 2025, down from $64.25 per barrel the previous month. The average price of Iran Heavy crude in 2025 stood at $69.50 per barrel. The OPEC basket price also declined in December to $61.74 per barrel, $2.72 lower than in November 2025.

Based on the latest monthly report from the OPEC Secretariat released in January 2026, global oil demand in 2027 is expected to rise by 1.34 million barrels per day. Total global oil demand is forecast at 106.52 million barrels per day in 2026 and 107.86 million barrels per day in 2027.