Iran proposes to have $70 per oil barrel in next year's budget

Tehran, Iran, Oct. 27

By Milad Fashtami - Trend:

National Iranian Oil Company's Director for International Affairs Seyyed Mohsen Qamsari said the best option is to base the next year's budget plan on $70-75 per oil barrel.

"Current year's figure of $100 per barrel was not our suggestion," he said, Iran's ISNA News Agency reported on October 27.

He further said that the oil prices are expected to remain stable in the global markets in the next month.

The falling trend of oil prices in the global markets raised some concerns about a possible budget deficit in the current Iranian calendar year (to end March 20, 2015).

The budget commission of Iranian parliament (Majlis) held an emergency meeting on October 18 to discuss the falling trend of oil prices and its possible effects on Iran's budget law.

During the meeting the commission's members decided that there is no need to amend the budget law. They said that the possible budget deficit could be managed without any change to the budget law.

Speaking of oil, Iran has decided to sell its crude oil to Asia in November at the biggest discount in almost six years.

The decision was made after Saudi Arabia cut prices for all grades and to all regions for November. Qatar and Iraq decreased their prices.

Iran's current year budget envisages the price of $100 for each barrel of oil. It is while according to Iran's Mehr News Agency, each Iranian oil barrel is currently sold at $86.

Based on Iran's budget law, the country is supposed to export 1.4 million barrel oil (including gas condensate) per day.

Masoud Mir Kazemi, former oil minister and a member of Iran's parliament energy commission, told Mehr News Agency on Oct.1 that according to the Oil Ministry's figures, Iran exported 0.1 mbpd less than the figure considered in the budget law.

Iran's media said on Oct. 17 that the country's President Hassan Rouhani ordered the Oil Ministry to take measures to prevent falling of oil prices by using diplomatic means. The details of Rouhani's order were not disclosed.

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