TEHRAN, May 25 (Xinhua) -- Iran on Saturday approved to increase its crude oil production to 4 million barrels per day (mb/d), the official news agency IRNA reported.

The plan was approved in a meeting of the country's economic council chaired by Interim President Mohammad Mokhber in the Iranian capital Tehran, the report said.

According to IRNA, the council decided that daily crude oil production by the National Iranian Oil Company would increase from 3.6 mb/d to 4 mb/d.

The report said by implementing the oil output increase plan, which needs 3 billion U.S. dollars in investments, Iran would be able to generate an additional income of 7 billion dollars by the end of the current Iranian calendar year, which falls on March 20, 2025.

In April, the head of Iran's Customs Administration Mohammad Rezvanifar said that Iran's oil exports reached 35.87 billion dollars in the previous year, which ended on March 19.

According to the U.S. Energy Information Administration affiliated with the Department of Energy, Iran possessed an estimated total of 209 billion barrels of oil reserves by the end of 2021, ranking the country as the world's third-largest holder of crude oil. Enditem

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