President lauds rise in Iran's oil output

President Seyyed Ebrahim Raeisi admired the National Iranian Oil Company for increasing the oil production in the country.

According to Tasnim news agency, speaking at a cabinet meeting on Wednesday, President Raeisi acknowledged the “appreciable efforts” of the National Iranian Oil Company’s experts and staff to give a rise to oil production.

He also called for plans to shorten the process of implementation of oil contracts.

The president further asked all authorities to follow up on the agreements, contracts and memorandums of understanding (MOUs) that Iran has signed with the foreign countries.

The International Energy Agency (IEA) announced in July that Iran’s oil production volume in the fifth month of 2023 reached 2.870 million barrels per day (bpd).

According to the report, Iran experienced the maximum amount of rise in oil production among other OPEC member states in May while other member states have either had a production slump or their production has not changed.

ME