In a report published on October 13, 2023, OPEC announced that the average price of its oil basket reached $110.59 per barrel in September 2026. This figure represents an increase of $24.15 compared to August and indicates a return of oil to peak levels.
OPEC Members' Oil Production
According to secondary source data, the production of 11 OPEC members in September reached 21 million and 180 thousand barrels, which is 834 thousand barrels more than the production of 20 million and 346 thousand barrels in August. Saudi Arabia leads the organization with a daily production of 8 million and 1 thousand barrels, followed by Iraq with 3 million and 920 thousand barrels. Iran, with a production of 1 million and 957 thousand barrels per day, holds the third position.
Increase in Iran's Heavy Crude Oil Price
OPEC's monthly report also indicates that the price of Iran's heavy crude oil in September 2026 increased by $24.59 compared to August, reaching $105.84 per barrel. 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. In 2025, the average price of this oil was recorded at $71.80.
According to OPEC's estimates, global demand for crude oil in 2026 will increase by 180 thousand barrels per day. The total global oil demand for 2026 is projected to be 105 million and 720 thousand barrels, which is a decrease of 200 thousand barrels compared to September's forecasts.
In OPEC's forecasts for 2027, global oil demand will reach 108 million and 280 thousand barrels per day, an increase of 2 million and 550 thousand barrels per day.
