Iran Forecasts 60 Billion Dollars Oil Income

Strategiy.com:

Iran expects to earn 60 billion dollars from oil exports in its current financial year that ends on March 20, 2007. "Last year, we earned about 50 billion dollars from oil sales. This year this figure will reach more than 60 billion dollars," Oil Minister Kazem Vaziri-Hamaneh was quoted as saying by state television on Sunday.

"Iran generally exports between around 2.3 million and 2.4 million barrels per day. But today we have around 2.25 million barrels per day of exports," he said, adding Iran's oil was sold at about 62 dollars per barrel on Saturday. READ MORE

Last Wednesday, Iran said it has raised its oil production by 150,000 barrels per day to 4.125 million barrels per day.

Iran is the world's fourth oil producer and the second largest in OPEC.

Its official production level had remained at around four million barrels a day in recent months, although industry experts say the true production figure may be slightly lower. The country's OPEC quota is 4.11 million barrels per day, 13.1 percent of the organisation's total. OPEC's official production ceiling stands at 28 million barrels per day.