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Iran advised to cut expectations for oil revenue

Source: Radio Zamaneh

The National Oil Company of Iran says the Iranian government should abandon scenarios based on oil selling for $100 a barrel and instead base its budget on a price of $70 per barrel.

International oil prices have been on a steady decline in recent months. Company official Mohsen Ghamsari said OPEC is unlikely to make any effort to reverse the decline.

The plunge to $85 a barrel has caused a significant shortfall in the country's budget. In recent months, oil prices have fallen by $25 a barrel.

The Iranian government based its budget on an oil price of $100 per barrel.

Iranian Vice President Eshagh Jahangiri has referred to the fall in oil prices as "contrived and the result of political manipulation aimed at harming Muslim countries."

Iran is at odds with the Saudi Arabian policy of increasing oil production which it blames for falling oil prices.

Oil sales to Asia bounce back to over a million barrels a day

Iran's oil exports to the Asian market have once again exceeded one million barrels a day, with China, India, Japan and South Korea as the top buyers. According to a report by Reuters on October 31, Iran has exported one million and 80 thousand barrels a day in the past month.

Iran's crude exports had dropped below the one-million-barrels-a-day level in recent years due to international sanctions against the country. Following the interim agreement reached in November 2013 between Iran and the 5+1 over the nuclear disputes, some sanctions were suspended, opening the way for companies to deal with Iran without fear of financial reprisal from the U.S.

Talks to reach a final and comprehensive deal are ongoing and are scheduled to reach a resolution by the end of November.

Before the sanctions, Iran exported 2.5 billion barrels a day. China, India, Japan and South Korea together with Turkey buy the bulk of Iran's oil exports.

... Payvand News - 11/01/14 ... --

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