Iran outlines budget to resist U.S. sanctions as oil exports plunge

Swissinfo | Dec 8, 2019 at 11:03 AM
  • Iran’s president presented a draft state budget of about $39 billion to parliament on Sunday, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports.
  • The budget forecasts revenues for oil, gas and condensates falling 40%, leaving a gap it plans to plug by using state bonds and selling state properties.
  • Under U.S. sanctions, analysts estimate Iran’s oil exports have tumbled to about 400,000 bpd or even lower, from more than 2.5 million bpd.