Iran may slash oil sales out­look

The Pak Banker - - Front Page -

TEHRAN

Iran may base its bud­get for the next fis­cal year on an­tic­i­pated ex­ports of 1 mil­lion bar­rels a day of oil, half that shipped in 2011, Fars news agency re­ported, cit­ing the head of the par­lia­ment's eco­nomic com­mit­tee.

The coun­try ex­ported an av­er­age of more than 2 mil­lion bar­rels a day in 2011, ac­cord­ing to Ira­nian government data pro­vided to the Joint Or­gan­i­sa­tions Data Ini­tia­tive, which is su­per­vised by the Riyadh-based In­ter­na­tional En­ergy Fo­rum.

Pres­i­dent Mah­moud Ah­madine­jad has un­til early De­cem­ber to sub­mit a bud­get for the Ira­nian year that starts March 21, Gho­lam­reza Mes­bahi-Moghadam, the com- mit­tee mem­ber, told state-run Fars.

The In­ter­na­tional En­ergy Agency said Ira­nian oil ex­ports dipped be­low 1 mil­lion bar­rels a day in July af­ter the Euro­pean Union banned pur­chases of the coun­try's crude.

The IEA, an ad­viser to in­dus­tri­al­ized na­tions, es­ti­mates that Ira­nian ex­ports re­bounded to 1.3 mil­lion bar­rels in Oc­to­ber.

Iran's oil out­put, for­merly the sec­ond-largest in OPEC, has dropped to fifth among the 12 mem­bers of the Or­ga­ni­za­tion of Pe­tro­leum Ex­port­ing Coun­tries as a re­sult of eco­nomic sanc­tions im­posed by the U.S. and its al­lies. The U.S. seeks to de­ter Iran from a nu­clear pro­gram it says may be aimed at de­vel­op­ing weapons.

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