The average price of the OPEC basket in September 2026 has increased by $24.15 compared to August, reaching $110.59 per barrel. This price change occurred while OPEC members' production also increased to 21 million 180 thousand barrels per day this month.
Increase in Production and Iran's Position in OPEC
According to secondary source data, OPEC oil production in September 2026 increased by 834 thousand barrels compared to August. Among the 11 members of this organization, Saudi Arabia ranks first with a daily production of 8 million 1 thousand barrels, followed by Iraq with a daily production of 3 million 920 thousand barrels. Iran, with a production of 1 million 957 thousand barrels per day, holds the position of the third largest producer in OPEC.
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Changes in Iran's Heavy Crude Oil Prices
The price of Iran's heavy crude oil also reached $105.84 per barrel in September 2026, representing an increase of $24.59 compared to August. This is while the price of Iran's heavy crude oil in August was $81.25 per barrel. The average price of Iran's heavy crude oil since the beginning of 2026 has been $92.70, and the price of this oil averaged $71.80 in 2025.
This report also indicates that global crude oil demand for 2026 will increase by 180 thousand barrels per day. The total global oil demand for this year is projected to be 105 million 720 thousand barrels. This figure has decreased by 200 thousand barrels compared to previous forecasts.
OPEC has also predicted that global oil demand in 2027 will increase by 2 million 550 thousand barrels per day, reaching a total of 108 million 280 thousand barrels per day. These price and production changes could have significant impacts on the global oil market and the economies of producing countries.
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