Tehran says the plan is crucial in supporting Iran's economy
Iran to boost oil output by 250,000 bpd
The oil ministry news site reports Iran's Economic Council has approved a decision to finance an urgent oil production increase plan using resources from the National Development Fund of Iran.
Tuesday 05/11/2024
Tehran says the plan is crucial in supporting Iran's economy
TEHRAN - Iran has approved a plan to increase oil production by 250,000 barrels per day, the oil ministry's news website Shana reported on Monday.
"Iran's Economic Council has approved a decision to finance an urgent oil production increase plan using resources from the National Development Fund of Iran," the Shana report said.
The country's first vice president Mohammad Reza Aref said the plan was crucial in supporting Iran's economy, given current conditions, it added.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently has production of around 3.2 million barrels per day, or 3% of global output.