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 per cent of global output.
Abu Dhabi and Dubai explore seamless parking integration
Global Village opens registration for F&B outlets
UAE advances agentic AI project targeting 50% of government operations
Dubai Business Forum – China to be held in Shenzhen in October
UAE-BRICS non-oil trade tops $312 billion
