OPEC: Iran's crude oil production increases in July
Tehran - BORNA - OPEC’s monthly report released on Wednesday showed that total crude production among the group's member states increased by 1.659 million bpd in July, reaching a combined total of 23.632 million bpd.
Concurrently, output from OPEC's non-OPEC allies within the broader OPEC+ alliance declined by 235,000 bpd to 14.024 million bpd. Consequently, total crude oil production for OPEC and its allies combined stood at 37.655 million bpd in July, reflecting a net monthly increase of 1.424 million bpd.
In line with broader market trends across the OPEC reference basket, the price of Iran Heavy crude oil declined in July, though the drop remained relatively moderate compared to the previous month.
The price of Iran Heavy crude averaged $82.07 per barrel in July, marking an $8.70 decrease month-on-month. However, Iran Heavy's year-to-date average for 2026 reached $92.37 per barrel, significantly higher than the $70.73 average recorded during the corresponding period in 2025.
The overall OPEC Reference Basket (ORB) value dropped by $6.76 in July to settle at $82.99 per barrel. Year-to-date, the ORB average stood at $92.04 per barrel in 2026, up from $71.88 per barrel during the same timeframe in 2025.
According to the OPEC report, crude oil futures experienced heightened volatility throughout July, driven by conflicting reports on geopolitical developments and their potential impact on global oil supplies, further compounded by speculative trading activity.
Key crude oil futures contracts averaged lower month-on-month. Early in July, prices faced downward pressure amid expectations of easing geopolitical tensions and rapid global supply growth, which squeezed out the geopolitical risk premium.
However, crude futures rebounded sharply during the second half of July as renewed tensions in the Middle East, concerns over regional energy supplies, and security incidents involving vessels transiting regional waterways reignited fears of potential disruptions to crude oil and refined product shipments.
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