Iran's Oil Production Sees Moderate July Increase Amid Global Demand Projections
OPEC reported that Iran's oil production increased by 26,000 barrels per day in July 2026, reaching 2,478,000 barrels per day. This marks a rise compared to June, when production was at 2,451,000 barrels per day.
Saudi Arabia remains the top producer among OPEC members, with a daily output of 7,352,000 barrels, while Iraq ranks second with 2,621,000 barrels per day. Total crude oil production by OPEC members reached 23,632,000 barrels per day in July, an increase of 1,659,000 barrels compared to the previous month.
The price of Iran's heavy crude oil declined from $90.77 in June to $82.07 per barrel in July, while the OPEC basket price fell by $6.76, reaching $82.99 per barrel. The OPEC report also forecasts a rise in global oil demand in 2026 and 2027, with an expected increase of 0.6 million barrels per day this year and 2.2 million barrels per day next year.