During the first half of this year, Iran posted $10 billion more than what was projected in the Third Development Plan for oil revenues. “The more oil prices soar, the more benefit the world oil producers, like Iran, will achieve,” head of the Iranian Parliament’s Energy Commission said Tuesday.
According to MNA, Kamal Daneshyar added that Iran can therefore raise its Forex Reserve Fund’s cash and then plan for more essential projects in various sectors like agriculture, industry as well as in construction projects.
Daneshyar said Iran could become a "paradise" in the Middle East if higher oil prices persist. He noted that with higher oil prices, $100 billion annually can be infused to the annual budget.
He also reckoned that the price per barrel may reach $100 in the future.
According to Daneshyar, OPEC supply of 25 million barrels daily is prudent. Iran exported 2,419 million barrels of oil daily during the first three months of the current Iranian calendar year of 1383 (started March 20, 2004).
Iran consumes 1.231 million barrels of produced crude oil daily, some 30 percent of the country's total production. (menareport.com)
© 2004 Mena Report (www.menareport.com)
