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The final version of Iran’s 2015-16 budget implies $24bn oil revenue, down 22% from the previous draft. It appears to be based on an oil export price of $55-60/B.
Iran has cut the expected share of oil revenue in its budget for the year beginning 21 March to 25% from the 33% originally mooted and 39% in the 2014-15 budget. This implies oil revenue of $24.1bn, down from $31.0bn in the previous draft.
The budget was approved by the Iranian parliament on 3 March but needs the final green light from Iran’s Guardian Council, charged with vetting the compliance of legislation with Islamic credentials. This is due to take place before 21 March. (CONTINUED - 892 WORDS)