Mohammadreza Aref, speaking at the Economic Council meeting on Monday (Ordibehesht 1), highlighted the progress in foreign relations and the 14th administration’s policies, as well as plans to increase crude oil production and exports—including an emergency plan to boost output by 250,000 barrels per day.

He stressed that investment challenges in the energy sector, a key production area, must be swiftly addressed and presented to the Economic Council and the government for resolution.

Attendees included heads of the Planning and Budget Organization and the Central Bank of Iran, the agriculture minister, the secretary of the Cabinet, the acting economy and finance minister, the vice president for science, technology, and knowledge-based economy, the government spokesperson, and other relevant officials.

The council assessed the progress and investments in 14 production projects across joint oil and gas fields in southern and western Iran. It was decided that operational challenges in these integrated hydrocarbon field development plans would be reviewed by the council’s secretariat, with solutions proposed in future meetings.

The meeting also discussed key measures under the emergency plan to increase crude production by 250,000 barrels per day, involving a $3 billion investment and projected revenue of $18 billion by 1408 (2029). Challenges and proposals for expanding oil and gas fields to meet this target were evaluated and decisions were made.

The Plan and Budget Organization presented a report on obstacles and solutions to improve upstream oil and gas projects, encouraging domestic and foreign investment. This included an assessment of current development plans, governance structures for oil and gas contracts, and ways to boost private sector involvement. The council approved a package to facilitate and expedite upstream oil and gas contracts, including incentives and streamlined processes.

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