BREAKING NEWS

Iran may slash oil sales outlook, store more amid sanctions

By REUTERS

NOVEMBER 26, 2012 16:44

DUBAI - Iran's state budget for the next fiscal year may assume exports of just 1 million barrels of oil a day, an Iranian budget planning commission member told the semi-official Fars news agency on Monday, about half the volume shipped in 2011.

"Apparently, the government wants to decrease the 1392 (the next Iranian year starting on March 21) state budget's reliance on oil exports to one million barrels a day," parliamentarian Gholamreza Mesbahi Moqaddam was quoted as saying by Fars.

The International Energy Agency (IEA) estimates that Iranian oil exports dipped below 1 million barrels per day (bpd) over summer as US and European Union sanctions on Tehran tightened.

According to official Iranian government data available through the Joint Oil Data Initiative (JODI), Iran exported an average of just over 2 million bpd in 2011.

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