Iran’s decision to increase the daily production of petrol to 4 million barrels

Iran has decided to increase daily production of petrol by 4 lakh barrels to 4 million barrels per day.

According to international media, a meeting of the Economic Council has been held in the capital Tehran under the chairmanship of Interim President Mohammad Mokhbar. The meeting has approved the use of foreign financing possibilities of 5.5 billion dollars and the increase in crude oil production of Iran National Petroleum Company.

According to Iranian officials, the current output of 3.6 million barrels per day of petrol will increase by 400,000 barrels to reach 4 million barrels per day.

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It should be noted that in May 2018, due to difficulty in selling petrol as a result of the US sanctions, Iran reduced its petrol production by 2 million dollars per day. During this period, Iran’s daily exports of petrol also fell to an average of less than 500,000 barrels per day.

According to the latest monthly report released by the Organization of the Petroleum Exporting Countries (OPEC) on May 14, Iran’s average daily production in April was 3,212,000 barrels, which is 14,000 barrels more than a month ago.