...

Iran not to face deficit in budget despite low oil price

Business Materials 8 November 2014 08:38 (UTC +04:00)
Iranian government’s spokesman, Mohammad Bagher Nobakht said that the country’s current year budget would not be faced with deficit due to the recent decline in oil price the official SHANA news agency reported Nov. 6
Iran not to face deficit in budget despite low oil price

Baku, Azerbaijan, Nov. 6

By Umid Niayesh - Trend:

Iranian government's spokesman, Mohammad Bagher Nobakht said that the country's current year budget would not be faced with deficit due to the recent decline in oil price the official SHANA news agency reported Nov. 6.

The administration controls its expenditure to handle the low oil prices,
Nobakht added, saying that Iran 's crude oil exports stands at one billion barrel per day as well as 300,000 barrels of condensates.

Iran 's budget for current fiscal year, ending March 21, 2015, was set on the $100 per barrel oil price, adding while the crude price at the first half of the year was above $104 per barrel, for the second half it is projected to account for $82 per barrel, he noted/

The average price for current fiscal year is $93 per each barrel, 7 percent less than the price, which was set in the current year's budget. The falling trend of oil prices in global markets has raised some concerns about a possible budget deficit in the current Iranian fiscal year.

Iran hasn't announced officially any figure for its crude oil price, but the country's Mehr news agency reported in late October that each Iranian light and heavy oil barrel was sold at $84.25 and $82.61 respectively.

Iranian president Hassan Rouhani also has confirmed the Islamic Republic's oil revenues have decreased by 30 percent.

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

However, Iranian Oil Minister Bijan Namdar Zanganeh says there is no need for OPEC to hold any emergency meeting. The 166th (ordinary) OPEC meeting is scheduled to be held on Nov.27 in Vienna, according to the OPEC website.

Tags:
Latest

Latest