Iran pumped around 3.29 million barrels per day in October, down from 3.45 million bpd in September, OPEC data shows.
According to OPEC secondary sources, Iran's average crude output in Q3 was 3.6 million barrels, down 200,000 barrels compared to Q2, ISNA reported.
Iran Heavy, one of the country's main export grades, traded at $77.04 in October, gaining $1.76 over the previous month.
Prices for Iranian light and heavy crude oil, have averaged $69.59 per barrel since March -- 30% higher compared to last year's corresponding period when a barrel sold for $50.08.
The Organization of Petroleum Exporting Countries and non-members agreed to scale down production by 1.8 million bpd through the first quarter of 2018. Under the agreement, Iran was required to produce on average 3.8 million barrels daily.
In September, the OPEC reference basket increased sharply by almost 7% or $4.92 month-on-month, to average $77.18 per barrel, the highest since October 2014.
OPEC uses two sets of figures to monitor its output -- figures provided by each country, and secondary sources which include industry media.
According to OPEC, in 2018 world oil demand growth is estimated at1.54 million bpd. Total oil demand for the year is now pegged at 98.79 million bpd.
In 2019, world oil demand growth is forecast at 1.36 million bpd. Total world oil demand is anticipated to reach 100.15 million bpd.
The global economic growth forecast for 2018 was revised down slightly by 0.1% and now stands at 3.7%, due mainly to slowing growth in some emerging and developing economies. The 2019 forecast remains unchanged at 3.6%.
International benchmark Brent crude traded at around $66.45 on Wednesday, while US West Texas Intermediate stood at $56.21, up almost 1%.
