Oil Export Revenues Exceed Projections

Oil Export Revenues Exceed ProjectionsOil Export Revenues Exceed Projections

In the first five months of the current Iranian calendar year (began March 21), Iran crude exports surpassed projections by almost 8%, generating revenues over and above forecast in the annual budget endorsed by the parliament.

Deputy oil minister for planning and supervision of hydrocarbon resources told  Shana Iran rejects restrictions on oil exports. "Crude exports increased significantly over the five months despite all the embargos and other restrictions," Mansour Moa'azami said.

No figures and income data on the value and volume for the exports were available.

This is while Ismail Jalili, member of the Majlis Planning and Budget Commission of the Parliament, said "The law is clear on where to allocate the excess amount."

Speaking in Mashhad the lawmaker said "The (excess) income goes to the treasury. However, the annual budget has outlined some commitments with regard to the surplus earnings from oil exports." He did not elaborate.

Western sanctions imposed on Iran have hampered sales of oil and made it increasingly difficult for Iran's fleet to obtain insurance and financing.