News ID: 318354
Published: 0257 GMT November 30, 2021

Iran eyes 1.2mbd of oil sales in next budget: Sources

Iran eyes 1.2mbd of oil sales in next budget: Sources

Iran will count on 1.2 million barrels per day (mbd) of oil sales as a minimum target in a budget planned for next calendar year staring late March, according to sources close to the government and the Parliament in the country.

ILNA cited the sources as saying in a report that a draft budget planned to be submitted to the Iranian Parliament on December 6 would contain a target of at least $30 billion in annual oil export revenues for the Iranian government.

The report said the government will be able to issue extra debts if it failed to meet the oil sale target, Press TV reported.

Iran’s oil exports started to increase in the second half of 2020 just a year after sales dropped to historic lows because of US sanctions.

A report published by Reuters earlier this month showed that Iranian oil exports to China have averaged 0.5mbd over the summer.

Fars News Agency said in a report on Monday that crude exports from the country have more than tripled to nearly 1mbd since a new administration came to office in Tehran in early August.

Analysts believe that Iranian oil exports could reach 2mbd next year if the country and world powers can agree to revive a 2015 nuclear deal as part of negotiations that started in Vienna on Monday.

Iranian Oil Ministry officials have promised to bring oil output in the country to nearly 4mbd by the end of the current calendar Iranian year in late March.


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