Iran projects crude oil price at US$42-50 per bbl

According to Reuters, Iran has forecasted average oil prices at US$42 to US$50 per bbl for the year to March 2017, expecting crude to stay in the current trading range.

Shana, an oil news agency, quoted Mohammad-Baqer Nobakht as saying: “In consultation with the Ministry of Petroleum, three price options of US$42, US$45, and US$50 were discussed which are expected to earn 68 trillion tomans (about US$22.5 billion) […] Although oil prices have fallen, we hope that with the financial assets that will be unblocked, the public’s purchasing power can increase.”

As part of a nuclear deal reached in July between Tehran and world powers, Iran also anticipates to receive access to around US$100 billion in frozen assets.

Reuters also stated that Iran has called upon other producers to rein in on exports to support prices while it expects to boost output in 2016 when nuclear-related sanctions are expected to be lifted.

Sources:

Published on 15/09/2015


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