The report, based on secondary sources, indicates that OPEC’s 12 member countries collectively produced 26.657 million bpd in November, up 104,000 bpd from October’s output of 26.554 million bpd.

Saudi Arabia led OPEC’s production with 8.963 million bpd, followed by Iraq at 4.043 million bpd and Iran at 3.323 million bpd, making them the organization’s top three producers.

OPEC+ members, including OPEC allies, produced 14.008 million bpd in November, an increase of 219,000 bpd compared to October’s 13.788 million bpd.

Together, OPEC and its allies raised crude oil production by 323,000 bpd in November, reaching a total of 40.665 million bpd, up from 40.342 million bpd in October.

Iran’s crude prices drop in November

OPEC’s monthly report also showed a decline in the price of Iran’s heavy crude oil. In November 2024, it fell by $1.25 per barrel (a 1.7% decrease) to $72.81, compared to $74.06 in October 2024.

The average price of Iran’s heavy crude in 2024 so far has been $80.30 per barrel.

The OPEC basket price averaged $72.98 per barrel in November 2024, marking a $1.47 (2%) increase compared to October 2024.

Oil demand outlook

OPEC’s report forecast an increase in global oil demand for November, projecting a rise of 110,000 bpd compared to October.

For 2025, OPEC anticipates global oil demand will grow by 1.45 million bpd, reaching a total of 105.57 million bpd.

However, this projection is 30,000 bpd lower than the estimate provided in the previous month’s report.