LONDON (Reuters) - Iran’s budget for next year expects oil prices at $50 a barrel, head of Planning and Budget Organization Mohammad-Baqer Nobakht said in a press conference on Monday.
Nobakht was quoted as saying by oil ministry’s news agency SHANA that the government had prepared the budget on expectations of selling one million barrels per day (bpd) of oil at an average price of $50. The next Iranian calendar year starts on March 20, 2020.
Iran’s President Hassan Rouhani presented a draft state budget of about $39 billion to parliament on Sunday, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports.
Reporting by Bozorgmehr Sharafedin; Editing by Toby Chopra