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, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently has production of around 3.2 million barrels per day © Mena Today
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.
Reporting by Hatem Maher
Qatar said mediators were making progress in efforts to end the U.S.-Iran war on Tuesday, driving oil prices lower, although Tehran has denied President Donald Trump's assertion that talks are already under way.
Iran is betting it can outlast Washington by turning the Middle East's trade routes, shipping lanes and energy infrastructure into pressure points that steadily raise the cost of confrontation, according to Gulf officials and analysts.
Conflicting signals from the United States and Iran over the status of talks to end their five-month-old war boosted uncertainty on Tuesday, with the latest attack on shipping in the Strait of Hormuz highlighting risks to global energy flows.
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