Baku, Azerbaijan, Dec. 2
By Umid Niayesh - Trend:
A spokesman with the Planning and Budget Commission of Iranian Parliament said that the government has suggested that oil price in the next year's budget plan be set at $70 per each barrel.
Gholam Reza Kateb, the spokesman of the commission said that there were serious discussion on the issue in parliament and the government and the government finally put the price at $70, Iran 's Fars news agency reported Dec. 2.
He added that the government employees' salaries also are forecasted to increase by 17 percent in the next year budget.
Iran is expected to face a budget deficit in the current Iranian fiscal year (to end March 20, 2015), due to the sharp fall in oil prices. Iran's current year budget envisages the price of $100 per barrel of oil. This is while each Iranian oil barrel is currently sold at around $80.
Based on Iran 's budget law, the country is supposed to export 1.4 million barrels of oil (including gas condensate) per day.
Reports suggest that the country is daily earning $18-20 million less than the projected figure, so if the current trend continues the total budget deficit may soar above $2.5 billion.
Iranian President Hassan Rouhani has also predicted that Iran 's total oil revenues will be 30 percent less than expected.