Mohsen Paknejad, discussing the 14th administration’s Oil Ministry plan to boost production, said, “Based on a plan submitted to and approved by the Economic Council, it was decided to raise production capacity by about 250,000 barrels per day.”

He went on to say that funding for the initiative is expected to be provided through the National Development Fund, and we are pursuing the implementation of this plan.

The Economic Council of Iran, relying on Article 12 of the Law on Removing Barriers to Competitive Production and Improving the Country’s Financial System, approved an emergency plan to increase crude oil production by 250,000 barrels per day during its session on August 12, 2024, following a proposal by the Oil Ministry.