DUBAI, Sept 14 (Reuters) – Iran has projected average oil prices at $42 to $50 per barrel in a draft budget bill for the year to March 2017, a government spokesman was quoted as saying on Monday, expecting crude to stay in the current trading range.
“In consultation with the Ministry of Petroleum, three price options of 42, 45, and 50 dollars were discussed which are expected to earn 68 trillion tomans (about $22.5 billion),” oil news agency Shana quoted Mohammad-Baqer Nobakht as saying.
Benchmark Brent crude has traded between $42 and $55 in the last month, and was just below $48 on Monday morning.
OPEC member Iran, which relies on crude sales to balance its budget, has called on other producers to rein in exports to support prices while it expects to boost output in 2016 when nuclear-related sanctions are expected to be lifted.
As part of a nuclear deal reached in July between Tehran and world powers, Iran also expects to receive access to around $100 billion in frozen assets.
“Although oil prices have fallen, we hope that with the financial assets that will be unblocked, the public’s purchasing power can increase,” Nobakht said.