Iran Raises Projected Oil Exports in Draft Budget, Tasnim Says

Workers work on a stairway aboard an offshore oil platform in the Persian Gulf's Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran, on Thursday, Jan. 5. 2017. Nov. 5 is the day when sweeping U.S. sanctions on Iran’s energy and banking sectors go back into effect after Trump’s decision in May to walk away from the six-nation deal with Iran that suspended them. Photographer: Ali Mohammadi/Bloomberg , Bloomberg

Arsalan Shahla, Bloomberg News

Feb 13, 2022

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(Bloomberg) --

Iran raised forecasts for revenue from oil exports by almost a third in the draft budget for the next Iranian year, the semi-official Tasnim news agency reported. 

Oil exports for the 12 months ending March 2023 are now projected to reach approximately 4.84 quadrillion rials, according to figures reported by Tasnim on Sunday. That’s about $115 billion based on the fixed government exchange rate and $17.2 billion based on the unregulated exchange rate.

The previous figure for projected oil exports in the draft budget, which still needs to be finalized and approved by parliament, was 3.81 quadrillion rials, according to Tasnim.  

Iran’s oil exports are heavily sanctioned by the U.S. Big-power talks are underway in Vienna to try to broker a revived nuclear deal that would ease the penalties and allow more Iranian crude onto global markets in exchange for limits on the Islamic Republic’s atomic activities.

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