BAKU, Azerbaijan, October 22. Iran's state budget for the next year (from March 21, 2025, through March 20, 2026) sets crude oil production in the country at the level of 3.75 million barrels per day, the draft budget submitted by the Iranian government to the parliament said, Trend reports.
According to the draft budget, the production of gas condensate in Iran next year will amount to 690,000 barrels per day. The state budget of Iran sets the export of 1 barrel of crude oil at 57.5 euros.
The government's share in the state budget includes 5.09 quadrillion rials (about $11.5 billion) of revenues from the export of crude oil, gas condensate, and gas.
The state budget anticipates that the Iranian Armed Forces will receive 5.61 quadrillion rials (roughly $12.6 billion) in revenue from crude oil exports.
Meanwhile, the state budget allocates 1.26 quadrillion rials, or roughly $2.84 billion, from crude oil export revenues for special projects.
Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas using existing technological equipment. Iran can utilize about 30 percent of this gas, with the remaining 70 percent remaining unutilized underground.
Iran's crude oil exports totaled $23.2 billion during the six months of the current Iranian year (from March 20 through September 21, 2024).
To note, Iranian President Masoud Pezeshkian presented next year's state budget to the parliament on October 22. Iran's state budget next year (from March 21, 2025, through March 20, 2026) is expected to be around 119 quadrillion rials (approximately $268 billion) in terms of reserves and expenditures.