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Iran Bases Budget on Oil Price of $37.5.

In the final version of the budget bill of the next year the oil price was envisaged at 37.5 dollars per barrel," a presidential aide for planning, Mohammad Ghasem Hosseini, said. The government is due to submit the budget of the next Iranian year that starts on March 21 to parliament for final approval next week. The managing director of the National Iranian Oil Company, Seifollah Jashnsaz, has put the country`s average oil production at 4.05 million bpd, with an average sale of 2.35 million bpd. Oil prices surged to record highs in July of close to 150 dollars a barrel. But the price has since plunged to below 40 dollars.

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