Iran to Boost Oil Production

According to reports, Iran has approved a plan to increase its oil production by 250,000 barrels per day. The report stated, "The Iranian Economic Council has approved the decision to finance an urgent oil production increase plan using resources from the National Development Fund of Iran." Vice President Mohammad Reza Aref mentioned that this plan is very important for supporting the Iranian economy, considering the current conditions. Being a member of OPEC, Iran currently has a daily production of approximately 3.2 million barrels, accounting for three percent of global production.