Iran's surplus oil revenue to top $24 bln

IranMania:

Iran's revenue from oil in the current financial year are set to exceed the budget forecast by a massive $24 bln and 400 mln thanks to soaring oil prices, the national oil company said, AFP reported. READ MORE

According to the National Iranian Oil Company (NIOC), Iran is predicted to earn $40.5 bln in oil revenues by the end of the financial year on exports of 900 mln barrels.

The sector's total contribution to the budget for the financial year to March 20, 2006 had been forecast at $16.1 bln.

Iran already earned 72% of its estimated oil revenues for the year by exporting 2.5 mln barrels per day of crude oil for an average value $46.7 for the first three months to May.

Oil prices are now around $60.

Last year, Iran earned a total of $32 bln from its oil exports, which make up the bulk of foreign exchange revenue along with derivatives sales and currency transactions.

Analysts have said that the extra income provided by the high oil price could give president-elect Mahmood Ahmadinejad the chance to fulfill election pledges to improve development in Iran and help the poor.

Ahmadinejad is due to take office in early August.