Iran is eyeing a major increase in crude and condensate sales in its budget for the next calendar year (March 2021-March 2022), according to state news agency IRNA. The draft budget, which was sent to Parliament 2 December, eyes oil sales of 2.3mn b/d and a 323% growth in sales, despite planning for just a $40/B selling price.
Official statements suggest that this figure includes domestic sales, but President Hassan Rohani remains confident that Iran will find buyers on the international market. Exports have collapsed to below 700,000 b/d (at a maximum) in 2019 due to US sanctions (MEES, 13 November), but Mr Rohani's optimism implies one of two outcomes: either Iran continues to defy US sanctions, or it expects a potential improvement in relations with the US as Joe Biden takes over the presidency (MEES, 6 November). (CONTINUED - 153 WORDS)