Iran’s oil exports revenues to amount to $41 billion at year-end, experts forecast

Almaty. January 17. Silkroadnews – Iran’s crude oil and gas condensate revenues are expected to reach about $41 billion this fiscal year (ending on March 20, 2017), Iranian Oil Minister Bijan Zanganeh said, IrTAG writes.

“For the first nine months of the year (March 21 – December 21, 2016), these revenues amounted to $24.7 billion”, B. Zanganeh has noted, adding that the draft budget the Iranian parliament considers for the coming fiscal year is based on crude price $55 per barrel.

As minister added, 11 new phases of the South Pars field have been developed over the past three years. Phases 17, 18, 19, 20 and 21 are planned to be put into service during the current Iranian fiscal year.

“I am sure, both OPEC and non-OPEC states will fulfill their commitments to reduce oil production. As a result, there will be no surplus left at the global market, the supply and demand will get balanced, thus, the prices will rise”, minister said.