iran parliament downsizes oil revenues for new budget
Last Updated : GMT 13:22:04
Arab Today, arab today
Arab Today, arab today

Iran parliament downsizes oil revenues for new budget

Arab Today, arab today

Arab Today, arab today Iran parliament downsizes oil revenues for new budget

Iran has the world's fourth largest proven oil
Tehran - AFP

Iran's parliament has cut by 25 percent projected oil revenues in the draft budget for 2015-2016 to reflect the drop in price on the international market, media reported Monday.
The decision was taken by lawmakers as they voted point by point on the draft budget submitted in December and which must be ratified by the end of the Iranian fiscal year on March 20.
President Hassan Rouhani admitted in an address to parliament in December that the budget "would be under pressure" because of the fall in oil prices.
He said oil revenues earmarked for the 2015-2016 budget would be $24 billion, down from $27.5 billion, meaning less than half of the government's income would come from exported crude.
This had been based on oil prices remaining at around $72 per barrel.
Between June and late January crude prices plunged 60 percent to around $40 per barrel over concerns of a supply glut before edging higher to around $60.
As a result parliament voted to cut by 25 percent oil revenues earmarked in the budget to $18.5 billion but also earmarked an additional $5 billion to restructure the budget should prices rise again, media reported.
Iran has the world's fourth largest proven oil reserves and currently exports around 1.3 million barrels per day.
According to the oil ministry, since January this year Iran has been selling a barrel of oil at an average of $40.
The Islamic republic has been among the worst hit oil exporting countries because of the sliding price of crude, given that its current budget was based on sales of $100 a barrel.
Media also reported on Monday that parliament has approved the transfer of 20 percent of oil revenues into Iran's sovereign fund, down from 30 percent in the current budget.
Next week parliament is expected to vote on other articles in the budget, including the exchange rate of the rial against the dollar.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iran parliament downsizes oil revenues for new budget iran parliament downsizes oil revenues for new budget

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iran parliament downsizes oil revenues for new budget iran parliament downsizes oil revenues for new budget

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday