5 December 2016 - 11:53
  • News Code: 273976
Iran Expects to Earn $33b from Oil Sale Next Calendar Year

TEHRAN, Dec. 05 (Shana) – Iran has envisaged to earn over 1.1 quadrillion rials from selling 2.42 million barrels per day of crude oil at $50 each, the national budget bill for the next calendar year indicated.

Iranian President Hassan Rouhani presented the budget bill to the Parliament on Sunday, hoping that the country will be able to sell oil at 25% higher than the price expected in the previous national budget which envisaged $40/b for oil.

In his presentation, Rouhani portrayed a positive image of the country’s oil revenues for the next year.

“Iran has already been able to regain its share of the global oil market,” he told the parliamentarians.  “Thanks to the recent victory in OPEC, we will literally face no limitations increasing the production and export of our crude oil over the next few months," PressTV reported. 

The OPEC talks over a proposed plan to cut output and help boost prices last Wednesday culminated in a deal that allowed Iran to continue with its oil production at the current capacity, while forcing major cuts on other suppliers.  Libya and Nigeria were also excluded from the plan that had been proposed by Saudi Arabia.  

OPEC’s deal authorized Iran to boost its output by 90,000 barrels per day – the only such authorization agreed on by the organization’s member states. 
News Code 273976

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