The Iranian government has approved a project to raise its oil production from 3.6 million to 4 million barrels per day.
This came during the second meeting of the Economic Council headed by Acting President Mohamed Mokhber.
Iranian media reported that the National Oil Company of Iran will increase its investments to $7 billion with the aim of increasing the volume of its oil production.
It also indicated that an increase of 400,000 barrels per day would achieve additional profits amounting to $7 billion annually.
Iran is one of the main producers within the Organization of the Petroleum Exporting Countries (OPEC).
Iranian Oil Minister Jawad Oji announced last April that oil production in his country would jump this year, in addition to recording an increase in gas production.
Oji said – at the time – 6 million tons would be added to the petrochemical production capacity, and 50,000 barrels would be added to the country’s oil refining capacity.
The International Energy Agency announced that there was an increase in oil production in Iran by 50 thousand barrels per day during the first two months of the current year.
International Energy Agency statistics show that Iran’s oil production since the beginning of this year has increased by 50,000 barrels per day, while production during the 12 months of 2023 has increased by 440,000 barrels per day.
