On November 4, 2024, Iran's Economic Council approved a plan to increase oil production by 250,000 barrels per day. The decision, reported by the oil ministry's news website Shana, aims to finance the production boost using resources from the National Development Fund of Iran.
First Vice President Mohammad Reza Aref emphasized the importance of this plan in supporting Iran's economy amid current conditions. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces approximately 3.2 million barrels per day, accounting for about 3% of global oil output.