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 per cent of global output.
Parkin and Bahrain's Amakin team up on smarter parking solutions
Trump threatens 50% tariffs on all cars and trucks from Canada
Over 7,000 new Indian companies join Dubai Chamber of Commerce
Fast-fashion giant Shein shrinks value to up to $27 billion in Hong Kong IPO
