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Iran oil revenues at $64 billion

Press TV - Iran has earned more than $64 billion in oil revenues from March to December 2008, Oil Minister Gholam-Hossein Nozari has said.

The budget bill for the next year ending March 2010 is based an oil price of $37.5 a barrel, compared with $55 a barrel which is the oil price in this year's budget.

"The Islamic Republic's oil revenues for the first nine months of the year (March-December 2010) stand at $64 billion," said Nozari.

Oil prices have tumbled to about $40 a barrel since hitting a record high of over $147 in July 2008.

Iran's economy is vastly dependent on oil as it accounts for 80 percent of the country's foreign exchange revenues.

However, President Mahmoud Ahmadinejad has attempted to ease concerns about the impact of falling oil prices on the economy, saying that the country could survive for three years even if the price of oil dropped to zero.

Nozari said Iran has cut its oil output by more than 500,000 barrels per day (bpd) in line with OPEC's December decision to reduce supplies.

The oil minister said a rise in the price of fuel meant Iran would need to spend $3 billion by the end of the current Iranian year (March 2009) to for gasoline and diesel imports.

Iran imports gasoline due to the lack of adequate refining capacity.

... Payvand News - 02/03/09 ... --

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