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Experts suggest $70 p/b for Iran oil in next year budget

28 October 2014 09:21 (UTC +04:00)

Baku – APA-Economics. In the near future, Iran’s oil production capacity will reach 4.3 million barrels, said the Iranian Deputy Oil Minister Mansour Moazzami, APA reports quoting IRNA agency.

He noted that Tehran is considering different scenarios to cope with oil price instabilities.

“We have run the country both with $5 p/b and $140 p/b and we have faced no problem. While formulating the next year budget bill, the government has not counted on $90-100 p/b price but has instead adopted a realistic approach to prevent any possible problem. Iran has not faced any budget deficit so far”.

The National Iranian Oil Companys official in charge of international affairs Mohsen Qamsari made the remarks while talking to reporters here on Monday.

He explained that the figure $100 p/b suggested by the government is not based on the oil experts view.

The official further stressed that there was no prospect for rising oil price in the coming month as the oil market is currently experiencing a stable period.

The official also pointed to Iran’s refining capacity of 1.8 million bpd and noted that the figure will rise to three million in the next few years. Iran will be able to extract from its oil reserves for the next six decades, as the country's proven oil reserves are estimated to be 157 billion barrels, the NIOC said.