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Iran bases budget on oil price of $37.5 per barrel
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TEHRAN, Iran - Iran's state television says the country is planning next year's budget based on an oil price of $37.50 per barrel.
The Sunday report quotes Iranian oil minister Gholam Hossein Nozari. He says the government and parliament have agreed on the price after consulting on the "fluctuation of oil prices in the market."
The proposed budget has not been sent yet to the Iranian parliament for approval.
Last year, the parliament approved a budget based on $55 per barrel though the government demanded it be set at $38 a barrel.
About 80 percent of Iran's foreign revenue comes from oil exports. The price of oil has plunged from $147 a barrel in July to around $40.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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