Iran bases its 2022 budget on $60 oil

World Oil | Dec 12, 2021 at 1:00 AM
  • The budget bill for Iran’s next calendar year is based on an oil price of $60 a barrel, up from $40 this year, the semi-official Fars news agency reported.
  • The country expects to export around 1.2 million barrels of oil daily in the year that starts on March 21, Fars reported.
  • Sanctions reinstated on Iran in 2018 by former U.S. President Donald Trump have battered the country’s economy, chiefly by curtailing Iran’s oil exports, its biggest source of revenue.