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
Iran's Revolutionary Guard targeted a U.S. airbase on Thursday after the U.S. military carried out what a Washington official said were strikes on an Iranian drone operation near the Strait of Hormuz, hours after President Donald Trump rejected a report he was close to a compromise deal with Tehran.
U.S. President Donald Trump on Wednesday told a cabinet meeting that Iran very much wanted to make a deal, but that the U.S. was not satisfied with it yet.
An oil products tanker operated by Chinese shipping group COSCO was in the process of crossing through the Strait of Hormuz on Wednesday, after two crude tankers sailed in the past day, although oil traffic overall was still limited, shipping data showed.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.