Iran Parliament Approves Budget Based on $81.5 Crude Oil Price

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Iran Parliament Approves Budget Based on $81.5 Crude Oil Price

Bloomberg - May 10, 2011
’s parliament has approved a budget of 5,083 trillion rials ($480 billion) based on an oil price of $81.5 a barrel for the current Iranian year, state-run media including the The budget for this calendar year, which started March 21, is about 40 percent more than last year’s due to an increase in global and the implementation in December of a government spending program that involves phasing out energy and food subsidies. President ’s proposed budget of 5,390 trillion rials, submitted to the parliament on Feb. 20, was revised downward by ...

Iran approves $508 billion budget for 2012

Al-Arabiya - May 9, 2011
hit Iran has approved a $508 billion budget bill for 2012 that is 40 percent bigger than the one approved for 2011, The Associated Press reported from the official IRNA news agency on Monday. According to IRNA, the budget increase is due to the sharp reduction in energy and food subsidies. Like other oil producing countries, Iran has benefitted by the sharp increase in global oil prices, which have topped $100 a barrel. While the budget bill must be approved by a constitutional watchdog, President Mahmoud Ahmadinejad initially submitted a ...

Iran approves $508B budget

Forbes - May 9, 2011
- Iran's parliament has signed off on a $508 billion budget bill that is about 40 percent bigger than that approved the previous calendar year, state media reported on Monday. The increase in the new budget, which runs through March 2012, is a result of a sharp reduction in energy and food subsidies and an increase in the global price of oil, the official IRNA news agency said, adding that the budget was based on an oil price of $81.5 per barrel. Oil prices have spiked well above $100 per barrel on the back of the unrest ravaging the Arab ...

Iran bases budget on oil around $81.50 per barrel

Reuters - May 8, 2011
Iran is basing the oil price for its 2011/12 budget at around $81.50 per barrel and expects the price of oil to pick up again during the start of the summer season, Iran's OPEC governor told Reuters on Sunday. "We are basing the oil price in out budget which will be finalized in about two to three days at around $81.5," Mohammad Ali Khatibi told Reuters in a telephone interview, adding that prices are expected to recover as the summer season approaches. Typically Iran is one of the OPEC members that had always given a preference to higher ...

'Crude oil prices to rise by summer'

Press TV - May 8, 2011
Iran's OPEC Governor Mohammad Ali Khatibi says global crude oil prices are expected to recover by the beginning of the summer season./ Khatibi told Reuters in a phone interview on Sunday that the price of oil would pick up again by the summer, noting that Iran has based the oil price for the budget bill for the current Iranian calendar year (started on March 21) on $81.50 per barrel, well below global prices over the past two months. "One reason for the fall in prices is because the dollar gained strength, and to some degree a stronger ...

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