Iran expects average oil price in 2022 at $60

Iran’s draft budget for the next calendar year, which starts on March 21, 2022, is based on an oil price of $60 per barrel, Report informs citing angi.

This year the budget plan was drawn up based on oil prices of $40 per barrel.

According to the project document, Iran plans to export 1.2 million barrels of oil per day next year. This year, the country planned to sell about 1.5 million barrels per day abroad, but US sanctions prevented the Iranian authorities from implementing their plans - the volume of supplies turned out to be less than 1 million barrels per day.

The draft budget was presented to the parliament by Iranian President Ebrahim Raisi. The parliamentarians will have 10 days to familiarize themselves with the document and make their own amendments and proposals to it, which they must submit to the relevant parliamentary committees. The committees will be required to submit their own reports within 15 days. After that, the parliament will vote on the final version of the budget.

According to the calculations of chief economist at Abu Dhabi Commercial Bank Monica Malik, the budget of Saudi Arabia for the next year was drawn up based on the average oil price in the range of $50-$55 per barrel. The 2022 budget of Azerbaijan is based on an average oil price of $50 per barrel.