Next year’s oil revenues predicted to drop by 28%

Head of Planning and Budget Organization Mohammad Bagher Nobakht made the remarks Tuesday after President Rouhani submitted the budget bill for the next Iranian calendar year in 1398 (starting on March 21, 2019) to the Parliament, noting that this year’s oil revenues stood at $27 billion, while the next year’s revenues have been predicted to drop by 28%, amounting to $21 billion.

Nobakht also said that $14 billion at the official rate of 4200 rials have been earmarked in the next year’s budget to the import of basic goods, adding that the volume is assigned for the imports of 25 types of basic goods to help with the people’s livelihood.

Nobakht maintained that one of government’s objectives for the next year’s budget bill is to reign in inflation.

He noted that the budget bill has taken the impact of sanctions into account, adding that for this reason, next year’s oil exports have been predicted to drop from 2.4 billion barrels of oil per day (bpd) to 1.5 million bpd. 

He further added that the government has been required to spend 5 percent of the general budget for developing the country’s defense capabilities.

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