September 08, 2008

Iranian oil revenues expected to hit USD 60 billion

IRNA quoted Mr Gholam Hossein Nozari oil minister of Iran as saying that Iran's oil revenues are projected to hit USD 60 billion in 2007.

He added that "The government is not allowed to spend even a single penny of the earnings without authorization from the Majlis. The government spends the revenues within the framework of Budget Law for the fiscal year 2007-2008 and the rest is deposited in oil stabilization fund."

Mr Nozari stated that Iran believes there is enough oil in the global market but is capable of pumping more into it if there is agreement by OPEC to do so. He added that "We believe there is enough oil in the market but if statistics and data show there is a need to produce more we are capable of meeting the demand."