Iran would count on 1.2 million barrels per day (bpd) of oil sales as a minimum target in a budget planned for next calendar year staring late March, according to sources close to the government and the parliament in the country.
The ILNA news agency cited the sources as saying in a Monday report that a draft budget planned to be submitted to the Iranian parliament on December 6 would contain a target of at least $30 billion in annual oil export revenues for the Iranian government.
The report said the government would be able to issue extra debts if it failed to meet the oil sale target.
Iran’s oil exports started to increase in the second half of 2020 just a year after sales dropped to historic lows because of US sanctions.
A report published by Reuters news agency earlier this month showed that Iranian oil exports to China have averaged 0.5 million bpd over the summer.
Iran’s semi-official Fars news agency said in a report on Monday that crude exports from the country have more than tripled to nearly 1 million bpd since a new administration came to office in Tehran in early August.
Analysts believe that Iranian oil exports could reach 2 million bpd next year if the country and world powers can agree to revive a 2015 nuclear deal as part of negotiations that started in Vienna on Monday.
Iranian Oil Ministry officials have promised to bring oil output in the country to nearly 4 million bpd by the end of the current calendar year in late March.