Next Year’s Budget based on $35-40 per Barrel

By John Lee.

The Head of the Statistical Center of Iran said oil revenues for next year’s budget (21 March 2017 – 20 March 2018) have been based on a forecast of 35-to-40-dollar per barrel, with production being increased up to 2.5 million barrels per day.

According to the Ministry of Petroleum, it is possible to increase crude oil production by 500,000 barrels per day and resume Iran’s ‘lost quota’ by year end (20 March).

He said $22 billion out of the total budget of $67 billion is forecast to be earned from oil exports, and the rest via other income sources mainly from taxes.

(Source: Shana)

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