Iran’s Oil Revenues to Hit US$60 bln

Iranian Oil Minister Gholam Hossein Nozari said that his country’s oil revenues are projected to hit US$60 billion this year. The minister noted that the government is not allowed to spend even a single cent of the earnings without authorization from the parliament.

“The government spends the revenues within the framework of Budget Law for the fiscal year 2007-2008 and the rest is deposited in Oil Stabilization Fund,” he said, according to IRNA.

The minister stated Iran believes there is enough oil in the global market but is capable of pumping more into it if there is agreement by OPEC to do so. “We believe there is enough oil in the market but if statistics and data show there is a need to produce more we are capable of meeting the demand,” Gholam Hossein Nozari was quoted as saying.

OPEC last decided to raise output in September when they agreed to provide an extra 500,000 barrels a day to the market, effective November 1.