Iran expects to sell its crude oil at around $50/b over the next Iranian calendar year that starts on March 21, 2017, Press TV reported.
This is a 25% increase when compared to the budget for the current Iranian calendar year that started in March, during which Iran had anticipated, as per its budget bill, to sell its oil at $40/b, informed Al Bawaba. Accordingly, the Persian Gulf country drafted a version of its budget bill for the next year at a total income of over $33b from selling 2.42mb/d of crude oil at $50 each.
Iranian President, Hassan Rouhani, emphasized that the prospects will be specifically positive in light of the country’s recent “victory” in OPEC to move ahead with its crude oil production and export plans with no limitations.
The OPEC talks over a proposed plan to cut output and help boost prices late November 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.