May 27, 2012
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Iran plans budget on $60 price for crude oil
24 January 2010 / AP, TEHRAN
Iran's official news agency says the country has planned next year's budget based on an oil price of $60 per barrel, nearly double the price from last year.
Last year, the parliament approved a budget based on $37.5 per barrel.
About 80 percent of Iran's foreign revenue comes from oil exports and the economy was severely impact by last year's low prices.
President Mahmoud Ahmadinejad submitted the budget to the Iranian parliament for approval. Details of the spending plan were not available on Sunday.
However Ahmadinejad said more money would go to the agriculture, education and research sections.
The budget requires approval by the parliament and a constitutional watchdog.
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