Oil Ministry Plans to Boost Production by 400,000 bpd

Date: 26 May 2024 - 22:00

News ID: ۱۲۷۷۲۷

TEHRAN - The Council of Economy has ratified a plan, in principle, to increase Iran’s oil production by 400,000 barrels per day.
The second meeting of the Council of Economy during the current Iranian calendar year, 1403, ending March 19 2025, was held on Saturday while the interim president Muhammad Mokhber presided the meeting and ratified a plan to increase Iran’s oil production from 3.6 to 4 million barrels per day.
The council also discussed another plan to decrease oil products consumption which was ratified in principle as well.
Iran’s oil production and exports have been on the rise over the recent years despite the United States harsh sanctions to curb foreign investment and banning oil exports.
Recently, the Republican Senator for Texas, Ted Cruiz, criticized Biden administration’s foreign policy towards Iran announcing that Iran’s oil exports have risen from 300 thousand barrels per day to about 2 million barrels per day while the number of its “ghost fleet ships” from 70 to more than 400 ships over the past three years.
According to him, the Biden administration foreign policy has been the “worst foreign policy of the United States in modern time” due to its inability to prevent Iran’s advancement in view boosting oil exports.