TEHRAN – Iran’s Economic Council, in coordination with the Planning and Budget Organization (BPO), has notified the Oil Ministry to start implementing a plan to boost oil production in 34 oil fields.

Based on this plan, Iran’s daily oil production will be increased by 250,000 barrels, Mehr News Agency reported.

As reported, the Central Bank of Iran (CBI) is going to provide the National Iranian Oil Company (NIOC) with $3.0 billion of facilities to implement the plan which was approved in a meeting of the mentioned council in mid-August.

Speaking at the meeting, the 14th administration’s first vice-president Mohammadreza Aref referred to the important role and performance of the Economic Council in the framework of the decision-making processes in the country.

He noted the council was in charge of coordinating decisions made by different ministries and other governmental bodies amid planning and directing financial resources toward the country's largest developmental and infrastructural projects.

“Regarding the role and performance of the Economic Council and prompting its status, it is necessary to avoid creating parallel councils and committees, so that the government will be able to realize the president’s announced strategies, promises, and programs as soon as possible.” The first vice-president said.

Back in August, a Reuters survey showed that Iran’s oil production in July reached 3.22 million barrels per day (bpd), the highest level since the U.S. withdrew from the nuclear pact with Iran and re-imposed sanctions on the country in 2018.

Based on the Reuters survey, Iran has been boosting exports in the last few years despite U.S. sanctions remaining in place.

OPEC in its latest report released last week said Iran produced 3.277 million bpd of crude oil in August, registering a 4,000-bpd increase compared to the previous month.

Based on secondary sources, Iran produced 3.273 million bpd of crude oil in July, the report said.

The Islamic Republic’s average crude output for the second quarter of 2024 stood at 3.238 million bpd indicating a 59,000 bpd increase compared to the figure for the first quarter of the year, the report said.

The report put the average Iranian crude output for 2022 at 2.554 million bpd, while the average output in 2023 was 2.859 million bpd.

These statistics show that the Islamic Republic has maintained its place as the third-largest oil producer among the OPEC members.

EF/MA