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 huge Pars gas field was hit on Wednesday in a major escalation in the U.S.-Israeli war that sent oil prices shooting higher, and Tehran struck Qatar and fired missiles at Saudi Arabia after vowing attacks on oil and gas targets throughout the Gulf.
The Israeli military announced Wednesday the elimination of Hassan Ali Marwan, commander of Hezbollah's Imam Hussein Brigade, killed in an overnight airstrike in the Beirut area, just one week after his predecessor was eliminated in the same role.
Saudi Arabia intercepted and destroyed four ballistic missiles that were launched toward Riyadh on Wednesday, the Defence Ministry said, just ahead of a meeting of regional and Islamic foreign ministers in the Saudi capital.
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