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Iran expects $57 billion oil revenues next year

Source: Mehr News Agency, Tehran

Iran's oil revenues will total $57 billion for the next calendar year, starting March 20, if the average price per barrel trades at $85, as the upcoming budget bill is expected to forecast.

Iran's Oil Ministry

Fars news agency reported that some $21 billion is to be deposited into the National Development Fund, bringing its assets under management to around $51 billion.

In November 2011, Finance and Economic Affairs Minister Shamseddin Hosseini said that the National Development Fund's reserves stand at $24.4 billion and at least 20 percent of this sum will be allocated to promoting foreign investment.

Iran's Oil Minister Rostam Qasemi announced in September 2011 that the country plans to increase oil output by one million barrels per day (bpd) within the next two years.

Iran's oil production is now more than 4 million bpd which will be increased to 6 million bpd by 2013, the Shana news agency quoted Qasemi as saying.

Iran has the world's second largest crude reserves after Saudi Arabia, and the second largest gas reserves after Russia.

Qasemi said in August 2011 that the oil industry's infrastructure needs more than 500 trillion rials (about $50 billion) of investment to achieve Iran's 20-year economic perspective plan goals.

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