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Politics

Iran outlines budget to resist US sanctions as oil exports plunge

Updated : December 08, 2019 07:17 PM IST

Iran's president presented a draft state budget of about $39 billion to parliament on Sunday, saying it was designed to resist US sanctions by limiting dependence on oil exports.
Officials have not given figures for the oil price and export volumes used in the calculations, although the IMF has indicated Iran would need oil prices to be triple current levels to balance its budget as its crude exports have plunged.
The United States reimposed sanctions with the aim of driving down Iranian crude sales, the Islamic Republic's main source of revenues, after Washington withdrew last year from a nuclear pact between world powers and Iran.
Iran outlines budget to resist US sanctions as oil exports plunge
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