The Iranian-flagged Very Large Crude Carrier (VLCC), MT Arman 114, and the Cameroon-flagged MT S Tinos, are seen as they were spotted conducting a ship-to-ship oil transfer without a permit, according to Indonesia's Maritime Security Agency (Bakamla), near Indonesia's North Natuna Sea, Indonesia, July 7, 2023. REUTERS./

Nov 4 (Reuters) – Iran has approved a plan to increase oil production by 250,000 barrels per day, the oil ministry’s news website Shana reported on Monday.

“Iran’s Economic Council has approved a decision to finance an urgent oil production increase plan using resources from the National Development Fund of Iran,” the Shana report said.

The country’s first vice president Mohammad Reza Aref said the plan was crucial in supporting Iran’s economy, given current conditions, it added.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently has production of around 3.2 million barrels per day, or 3% of global output.

IEA Sees Oil Surplus Looming, Reassures on Iran Supply Risk

(Reporting by Hatem Maher; Editing by Jan Harvey)

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