Iran’s Heavy Crude Oil Prices Soar in January: OPEC Reports Significant Surge
In January 2025, the price of Iran’s heavy crude oil reached an impressive $79.65 per barrel, according to a report from the Iranian oil ministry. This significant price point reflects not only Iran’s stability in the oil market but also its position within the Organization of the Petroleum Exporting Countries (OPEC).
OPEC’s February report sheds light on various aspects of production and pricing within the organization. Below are some key findings regarding Iran’s oil production and pricing trends:
- Production Rankings: Iran continues to hold the third-largest producer spot within OPEC, with a daily output of 3.28 million barrels in January.
- Overall OPEC Production: The 12 OPEC members collectively produced 26.678 million barrels per day (bpd) in January, marking a decline of 121,000 bpd from December’s figures.
- Top Producers: The top three OPEC producers in January were:
- Saudi Arabia: 8.937 million bpd
- Iraq: 3.999 million bpd
- Iran: 3.28 million bpd
In addition, OPEC+ members showed a slight increase in production, reaching 13.947 million bpd in January, a growth of just 3,000 bpd compared to December.
The total crude oil production by OPEC and its allies for January stood at 40.625 million bpd, which is a decrease of 118,000 bpd from December’s total of 40.743 million bpd.
The report further emphasized the pricing trends within the organization:
- Iran’s Heavy Crude Price: In January 2025, the average price of Iran’s heavy crude was $79.65 per barrel, a notable increase from $73 per barrel in December.
- 2024 Average Price: For the entirety of 2024, Iran’s heavy crude oil averaged $80.14 per barrel.
- OPEC Basket Price: The OPEC basket price also saw an increase in January, reaching $79.38 per barrel, which is an increase of $6.31 (or 8.6%) compared to December 2024.
Looking ahead, OPEC’s February report has significant forecasts for the global oil market:
- Global Oil Demand 2025: It is projected that global crude oil demand will increase by 1.45 million bpd, reaching a total of 105.2 million bpd.
- Global Oil Demand 2026: The organization expects further growth in 2026, with a rise of 1.43 million bpd, reaching 106.63 million bpd.
These insights from OPEC not only highlight Iran’s pivotal role in the oil market but also offer a glimpse into future trends that could shape the global energy landscape.
