Iran Approves Plan to Boost Oil Output to 4 Million Barrels Per Day: Report

By Jace Dela Cruz

May 27, 2024 05:47 AM EDT

Iran plans to boost its oil production to four million barrels per day. 

Iran Approves Plan to Increase Its Oil Production

The country's Tasnim news agency said Sunday that an economic council headed by Iran's interim president Mohammad Mokhber approved this increase in its oil output. . 

According to Reuters, Iran's oil output currently stands at 3.6 million barrels per day. Iran's decision to escalate its oil production is significant as a key player in the Organization of the Petroleum Exporting Countries (OPEC). 

This strategic move aims to enhance the country's economic stability and leverage its substantial oil reserves.

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Oil Production Platform

(Photo : Michael from Pixabay)

Economic Challenges of Iran

Iran's efforts to raise its oil production come amid various economic challenges and international sanctions affecting its oil exports. The economic council's approval underscores the oil sector's importance to Iran's economy and highlights the country's intent to strengthen its position within OPEC. 

Iran's decision could have implications for global oil markets, potentially influencing supply dynamics and prices.

READ MORE: Update: Iranian President Ebrahim Raisi Confirmed Dead After Heavy Landing During Helicopter Crash With Other Officials

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