TEHRAN: Iran current year budget law has been developed based on $100 per barrel oil price. Rokneddin Javadi, who is also the managing-director of the National Iranian oil company said that next year budget bill will be drafted based on $85 oil. Oil revenues should account for just 50-60 percent of the next year’s budget bill, he added.
The next Iranian calendar year will begin on March 21, 2015.
Iranian MP Nader Fereidooni, who chairs the oil, gas, and petrochemicals committee of the parliament, said the current year’s budget faced with deficit due to the recent decline in oil price, local media reported. The IMF has estimated that to achieve a zero fiscal balance Iran needs oil prices to be $130 a barrel, the second-highest after Libya of eight of OPEC’s 12 members it looked at.
Iranian MP Gholamreza Mesbahi-Moghaddam said on September 2 that the sanctions have decreased the dependence of Iran’s budget on oil exports to 40 percent from the previous figure of 56 percent.
Mesbahi-Moghaddam, head of parliament’s budget and planning committee, said that a decrease in oil exports has resulted in less dependence on the oil revenues, Iran’s IRNA News Agency reported.In October, Iran’s deputy oil minister said that the recent drop in oil prices is short-lived, the oil ministry’s news agency Shana reported.
