Iran oil output rises to 2.478m bpd in July, OPEC data shows
Iran's oil production rose by 26,000 barrels per day (bpd) in July from the previous month to 2.478 million bpd, according to the latest data from OPEC's secretariat based on secondary sources.
The data showed Iran's output increased from 2.451 million bpd in June, keeping the country in third place among OPEC producers.
Saudi Arabia remained the group's largest producer with output of 7.352 million bpd, followed by Iraq at 2.621 million bpd.
Total crude oil production by OPEC members rose by 1.659 million bpd in July from the previous month to 23.632 million bpd, according to the OPEC data.
Crude output by countries participating in the OPEC+ Declaration of Cooperation reached 37.655 million bpd in July, up 1.424 million bpd from June.
The data came as the world's two most closely watched oil forecasters offered sharply conflicting views of the outlook for 2026 on Wednesday. The International Energy Agency (IEA) forecasts the first annual decline in oil demand since the COVID-19 pandemic while OPEC continues to expect consumption growth, according to euronews.com.
The Paris-based IEA now expects global oil demand to fall by 1.6 million bpd in 2026, a downgrade of 510,000 bpd from its July forecast.
"The ongoing closure of the Strait of Hormuz and elevated fuel prices continue to weigh on oil consumption," the IEA said, cutting its second-half demand forecast by roughly 550,000 bpd.
OPEC still expects demand to grow, although it has cut its forecast for a fourth consecutive month, to 580,000 bpd from 780,000 bpd. The two forecasts differ by about 2.2 million bpd in their estimates of global oil consumption this year.
The Strait of Hormuz, one of the world's most important energy transit routes, has been at the center of contention between Iran and the United States since the latter waged a war of aggression with Israel against the Islamic Republic in late February.
In response, Iran closed the strait and began talks with Oman to establish a joint mechanism for shipping arrangements. The move pushed oil prices from around $70 a barrel to above $100, with prices topping $110 on some days.
Iran also sold $18 billion worth of oil during the war with the United States and the ceasefire that followed, the Oil Ministry's media outlet Shana reported last week.
According to Shana, Iran exported $11.5 billion worth of crude during the war and a further $6.5 billion during the ceasefire period. The agency said the figure accounted for more than 60% of the oil revenue forecast in the current fiscal year's budget.
During the 40-day war, the United States issued a temporary sanctions waiver for Iranian oil trade aimed at driving down prices. In mid-April, the US military imposed a naval blockade of Iranian ports in the Sea of Oman and the Indian Ocean.
Shana said Iran seized on a “golden opportunity” created by the price rise, releasing about 100 million barrels of stored crude and condensates onto the market that it had previously been unable to sell “favorably.” The price increase is estimated to have generated an additional $3 billion for Iran.