Get real time updates directly on you device, subscribe now.
The budget for next year in Iran is based on the cost of oil at $ 60 a barrel, from $ 40 this year, Bloomberg reported, citing the semi-official Fars news agency.
The country expects to export about 1.2 million barrels of oil per day next year starting March 21, Fars reported, according to the outlines of the country’s proposed budget.
This calendar year was projected to export up to 1.5 million barrels per day, but US sanctions have “cut” that number to less than 1 million according to analysts.
Iranian President Ebrahim Raisi presented to parliament today the first annual budget bill of his government. It should be noted that the bill requires parliamentary consideration and approval.
Sanctions returned to Iran in 2018 by former US President Donald Trump have hit the country’s economy, largely by curtailing oil exports, which are its biggest source of revenue.
Tehran and world powers are in talks to revive the 2015 nuclear deal from which Trump withdrew, which in exchange for easing sanctions on Iran with “restrictions” on Iran’s nuclear program.
.
Source From: Capital