Iran Bases Next Year’s Budget on $60-a-Barrel Oil, Fars Says

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, according to outlines of the country’s proposed budget for next year. This calendar year it was projected to export up to 1.5 million barrels a day, but in practice U.S. sanctions have squeezed that to under 1 million, analysts have said.