OPEC Report: Iran remains among top oil producers in April

Tehran - BORNA - According to secondary sources cited in the report published on Wednesday, OPEC's total crude production averaged 18.983 million barrels per day (bpd) in April, reflecting a decrease of 1.727 million bpd compared to March. Saudi Arabia led the group with an output of 6.768 million bpd, followed by Iran with 2.854 million bpd. On a monthly basis, production for Saudi Arabia and Iran decreased by 958,000 bpd and 211,000 bpd, respectively.

The United Arab Emirates, which officially exited OPEC on May 1, produced 2.023 million bpd in April, marking a monthly increase of 131,000 bpd.

Crude oil output from OPEC’s non-member partners in the OPEC+ alliance slightly declined by 12,000 bpd to average 14.207 million bpd in April. Consequently, the combined production of OPEC and its allies reached 33.190 million bpd, a monthly drop of 1.738 million bpd.

OPEC adjusted its global oil demand forecast for 2026, projecting an increase of 1.2 million bpd compared to the previous year. This figure is 200,000 bpd lower than the group's earlier estimates for the current year.

The OPEC Reference Basket (ORB) averaged $108.79 per barrel in April. The year-to-date average for the ORB from the beginning of 2026 through April reached $89.49, compared to $74.82 during the same period in 2025.

The price of Iranian Heavy crude was reported at $103.10 per barrel in April. Its average price from the start of 2026 through April stood at $89.35, showing a significant increase from the $75.41 average recorded in the corresponding period of 2025.

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