05:46 AM EDT, 05/27/2024 (MT Newswires) -- Iran approved a plan to boost oil production to four million barrels per day from 3.6 million barrels per day, Reuters reported on Monday, citing a report by the country's Tasnim news agency.

The report did not provide a time frame for the output hike, which was approved by an economic council headed by Iran's interim president Mohammad Mokhber, Reuters said.

Iran is a member of the Organization of the Petroleum Exporting Countries producer group.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)