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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.
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