Iran’s Budget Assumes $40 Oil After Prices Decline 33% - Bloomberg

Iran’s Budget Assumes $40 Oil After Prices Decline 33% - Bloomberg:



"Iran, its oil exports curbed by sanctions, is lowering the crude price for this year’s budget to $40 a barrel as the energy slump affects governments and industry.



The government is revising its draft budget to assume a base price of $40, from $72, the state-run Fars News Agency reported Finance and Economy Minister Ali Tayebnia as saying today. The minister said some projects will have to be halted, according to Fars. The Iranian calendar year begins March 21.



Brent, a pricing benchmark for more than half the world’s oil, fell 18 percent this year after tumbling 48 percent last year. Qatar Petroleum and Royal Dutch Shell Plc yesterday called off plans to build a $6.5 billion petrochemical plant in the emirate in response to lower oil prices."



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