Iran Eyes $41b Oil Income by March 2017: Min.

Speaking in a televised interview, the official said that the sum, however, will be accessible by Iran in a matter of a few months. 

“What has been envisioned in the national budget bill will surely be materialized this year,” he added. 

He said Iran has received $24.7b of its oil cash in the first 9 month of the current Iranian calendar year which began on March 20. 

Zangeneh said that members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers would execute their commitments regarding a deal they struck in November to cut the organization’s output by 1.8mbd by January 2017.

“I am sure OPEC and non-OPEC producers would live up to a major part of their commitments and this would reduce most of the oil glut, rebalance the market and push up the prices.”

He said the current upward trend of oil prices in the market is a psychological aftermath of the OPEC-non-OPEC deal.

“I think the current circumstances will be stable and move to a favorable state,” he added. 

He said low prices is not something that even crude oil consumers would wish for.

“Throughout many years, both crude oil consumers and producers have arrived at this belief that low prices would harm the global economy, sustainable supply of energy and generation of renewables.”