(CPV) - On November 4, the Iranian Oil Ministry said that the government has approved a plan to increase oil production by 250,000 barrels per day to support the national economy .
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| The Iranian government has approved a plan to increase oil production by 250,000 barrels per day to support the national economy. (Photo: Reuters) |
According to the announcement, Iran's Economic Council has approved a decision to finance the emergency oil production increase plan with resources from Iran's National Development Fund.
First Vice President Mohammad Reza Aref said that considering the current economic conditions of the country, the approval of this plan is very important to increase GDP and support the national economy.
In addition to the plan to increase oil production, the Iranian Economic Council also approved a plan to increase natural gas production by 100 million - 140 million m3/day and condensate by 100,000 barrels/day; and a plan to supply gas to 4.2 million households in cities and rural areas of Iran by the National Iranian Gas Company (NIGC).
In addition, the Iranian Economic Council also reviewed energy consumption saving programs, with the participation of the private sector to address the gas imbalance during the cold months of the year.
Over the past three years, Iran has stepped up investment in the oil sector. In 2023, Iran's oil exports increased to 565 million barrels from 182 million barrels in 2019. Iran has emerged as the third-largest oil exporter in the Organization of the Petroleum Exporting Countries (OPEC) thanks to a surge in oil production and sales.
Iran's oil production rose to a six-year high of 3.7 million barrels per day in August 2024, ANZ Research said. Iran's oil exports have risen this year to a multi-year high of 1.7 million barrels per day, despite US sanctions.
Iran's oil production currently accounts for about 4% of global oil production, according to Capital Economics.
In its latest report, the World Bank (WB) forecast that Iran's economy is expected to grow by 3.2% this year and inflation will fall to 35.3%. According to WB estimates, Iran's economy recorded a growth rate of 5% and an inflation rate of 40.7% last year./.
Source: https://dangcongsan.vn/the-gioi/tin-tuc/iran-tang-manh-san-luong-dau-de-thuc-day-nen-kinh-te-682347.html
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