Iran Budgets For $60 Price For Crude Oil

Iran planned next year’s budget based on an oil price of $60 per barrel, nearly double the price from the last year, the official news agency reported on Sunday, indicating rising optimism over energy prices.

Last year, the parliament approved a budget based on $37.5 per barrel for the fiscal year ending in March, reflecting the steep drop in prices that severly impacted the economy. About 80 percent of Iran’s foreign revenue comes from oil exports.

Semi-official Mehr news agency, however, said the amount of the budget was about $368 billion, some $89 billion more than the current Iranian year.

NPR