TEHRAN: Iran will earn $41 billion from oil and gas condensate exports by the end of the present fiscal year in March, the Iranian Oil Minister Bijan Namdar Zanganeh said. “The sale of oil and condensates will reach $41 billion by the yearend, but earnings will be lower because part of the dues is normally collected a few months after the shipments,” Shana cited Zanganeh as saying. The budget for the next fiscal is based on $55-per-barrel oil.
OPEC agreed on Nov. 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed to by independent producers such as Russia, Oman and Mexico.
