According to a report by Iran’s Tasnim news agency, the country’s economic council, headed by interim President Mohammad Mokhber, has approved a plan to increase Iran’s oil output from the current 3.6 million barrels per day (bpd) to 4 million bpd.
The report did not provide a specific timeline for when this production increase is expected to be implemented. However, the move is significant as Iran is a major producer within the Organization of the Petroleum Exporting Countries (OPEC).
Iran’s current oil production level of 3.6 million bpd already makes it a significant player in the global energy market. The planned increase to 4 million bpd would further strengthen the country’s position and potentially impact global oil supply and prices.
The decision to raise oil output comes as Iran continues to navigate complex geopolitical and economic challenges, including the impact of sanctions imposed on the country. The additional oil production could help generate much-needed revenue for the Iranian government and support the country’s economic development.
It remains to be seen how this production increase will be received by other OPEC members and the broader global oil market. The move could potentially lead to shifts in production allocations and negotiations within the OPEC framework.