Iran expects $22.2 billion in oil revenues next year

Oil&Gas Materials 10 December 2019 17:27 (UTC +04:00)

BAKU, Azerbaijan, Dec. 10

By Elnur Baghishov - Trend:

Revenues from oil and gas exports in Iran’s budget for next Iranian year (from March 21, 2020, through March 21, 2021) are expected at $22.2 billion, Vice President and Head of Plan and Budget Organization Mohammad Baqir Nobakht said at a press conference, Trend reports citing Fars news agency.

Nobakht noted that revenues worth $18.2 billion will be obtained from oil exports and $4 billion from gas exports.

The vice president added that $8 billion of these funds account for the share of the National Development Fund, $3.2 million for the share of the National Iranian Oil Company and $11 billion for the share of the Iranian government.

Nobakht said that oil revenues are expected to drop by 68 percent next year, and it is expected to export 1 million barrels of oil per day, noting that the figure was 1.5 million barrels this year.

The vice president added that the price of $50 per barrel of crude oil is budgeted, while presently, oil costs $64 per barrel.

Nobakht noted that Iran should export oil, as it is for the benefit of the country, adding that if it weren't so, the US wouldn't have imposed sanctions.

The US imposed sanctions on Iran in November 2018 and expanded it several times. US sanctions against Iran have seriously cut Iran’s oil exports.