During today’s Economic Council meeting, First Vice President Mohammad Reza Aref announced the approval of the financing agreement for the urgent plan to increase oil production by 250,000 barrels per day. He stated that approving this agreement, considering the country’s current economic conditions is crucial and very effective for increasing GDP and supporting the national economy.

Economic Council also approved the proposed amendments by the Ministry of Petroleum regarding the development plan for gas fields in Iran’s central regions, aimed at increasing natural gas production by at least 100 and at most 140 million cubic meters per day and increasing gas condensate production by 100,000 barrels per day. The Ministry of Petroleum’s proposal concerning gas supply to the remaining cities and villages of the country by the National Iranian Gas Company (NIGC) was approved as well. This plan has targeted providing natural gas to 4.2 million Iranian households.

A review of energy consumption saving programs with private sector participation to address gas imbalance during the cold months of the year was another resolution of this meeting.