Parliament’s committee reviews oil revenue in next year’s budget bill

December 27, 2020 - 14:55

TEHRAN - Iranian parliament’s ad hoc budget review committee on Saturday assessed the oil revenue outlooks provisioned in the budget bill for the next Iranian calendar year (begins on March 21, 2021) in a meeting with Oil Minister Bijan Namdar Zanganeh and the Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati.

At the meeting, issues related to the oil revenues in the national budget bill of the next year were discussed, Shana reported.

According to MP Jabar Kouchaki-Nejad, in the meeting Zanganeh defended the budget bill provisions regarding oil exports and oil revenues and stated that Iran will be able to sell 2.3 million barrels per day (bpd) of oil next year.

Mentioning the oil exports in the previous years when the country’s oil industry was similarly limited by sanctions, Zanganeh said: “[in those years] we were able to export over 2.4 million bpd of oil, so we will be able to realize the exports of 2.3 million bpd.”

The oil minister also referred to the condition of the oil industry’s infrastructure, saying that in the current situation, the Oil Ministry needs financial resources for the reconstruction and modernization of the oil industry infrastructure.

The government submitted the budget bill for the next Iranian calendar year to the Iranian parliament (Majlis) earlier this month. The proposed budget amounted to about 24.357 quadrillion rials (about $579.928 billion at the official rate of 42,000 rials).

A parliament ad hoc budget review committee (known as Talfiq committee) has been tasked with reviewing the administration’s bill.

Talfiaq Committee is a body consisting of MPs from different committees which is established each year to study the national budget bill.

After reviewing the bill, the committee’s report will be submitted to the parliament to be referred to the regulations deputy for further considerations and assessment.

EF/MA

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