Iran oil revenues hit $33.6B

19.01.2015 09:30

Iran exported $33.631 billion worth of oil in the first half of the current Iranian calendar year (March 21 - September 22).

According to the Central Bank of Iran, the figure was around $17.594 billion in the first quarter of current year.

The country also exported $15.097 billion worth of non-oil goods in the mentioned period.

Iran's total oil and non-oil exports in the six-month period stood at $48.728 billion.

Iran is expected to face severe budget deficit in the current Iranian calendar year (to end March 20) due to the falling trend of oil prices in global markets.

The country decided to sell its crude oil to Asia in November at the biggest discount in almost six years. The decision was made after Saudi Arabia cut prices for all grades and to all regions for November. Qatar and Iraq decreased their prices as well.

Based on Iran’s budget law, the country is supposed to export 1.4 million barrels of oil (including gas condensate) per day.

Reports suggest that if the current tendency continues, the total budget deficit may soar above $2.5 billion.

The Iranian President Hassan Rouhani also predicted that Iran’s total oil revenues will be 30 percent less than expected.

Experts believe that a budget deficit in the next calendar year (to start March 21) is also inevitable.

Falling global oil prices forced Iran’s government to decrease the oil price figure in the proposed budget bill for the next Iranian calendar year to $72 per barrel from the current figure of $100.

ANN.Az

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