Iran says it will reduce its dependence on oil revenues in the next budget by 50pc. The country’s current budget relies on oil exports for 60pc of its revenues, but this will be cut to 30pc in the budget for the next Iranian calendar year starting on 20 March. If the budget’s reliance on oil revenues is reduced, oil exports will fall from 2.5mn b/d to 1.2mn b/d. In such circumstances, the share of oil revenues received by the oil ministry would be increased to 25pc from 14.5pc to avoid harming energy industry projects, in particular the development of oil and gas fields that straddle Iran’s borders with neighbouring countries such as Iraq.
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