Surging Oil Prices Give Iran an Extra $6b
Surging oil prices have given Iran around six billion dollars in extra revenues for the first half of the current Iranian year, a member of parliament's budget committee announced on Monday.
Ahmad Ramezanpour said the government and parliament have decided to deposit 2.5 billion dollars of the extra revenues in the country's foreign currency account, state radio reported.
President Mohammad Khatami's government had foreseen 14 billion dollars in oil revenues for the current year, which ends in March, underestimating prices in the budget to avoid a repeat of the previous two years when a plunge in the market left Iran with a serious budget shortfall.
In September, Oil Minister Bijan Namdar-Zanganeh said Tehran expected some 10 billion dollars in extra oil revenue by the end of the Iranian year.
Oil prices were sent skyrocketing to 10-year highs above 35 dollars a barrel earlier this month amid concerns that a full-scale regional crisis could spark an Arab oil embargo.
In London on Monday, Brent North Sea crude for December delivery was selling for almost 31.90 dollars a barrel after closing at 31.62 dollars on Friday – TEHRAN (AFP)
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