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Expecting 50 dollars for each barrel next year

Service : Politic
According to the budget bill presented to the Iranian Parliament, each barrel costs 50 dollars.
Monday, December 05, 2016 1:15:51 PM
Expecting 50 dollars for each barrel next year

Islamic Consultative Assembly News Agency - Yesterday President Hassan Rouhani came to Islamic Consultative Assembly and presented the buget bill to the parliament. President Hassan Rouhani submitted a $83 billion budget bill to parliament for the next fiscal year, beginning in March.

Iran’s President Hassan Rouhani, who presented the budget bill to the Parliament on Sunday, portrayed a positive picture of the country’s oil revenues for the next year.

Draft version of the country’s budget bill for the next year envisages a total income of over 1.1 quadrillion rials from selling 2.42 million barrels per day of crude oil at $50 each. The figure will be equal to around $33 billion, with an exchange rate of 33,000 rials for each US dollar.

The budget is seven percent more than the current budget in Iranian rials. But it is less in U.S. dollars due to the recent drop in the rial against the dollar. The current year's budget is $97 billion.   

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.  

Rouhani further emphasized that the declining oil prices over the past two years had put the country in hard times. 

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