Iran plans to cut oil output and prioritize defense spending in its 2022-2023 draft budget because of sanctions and US-Israeli threats linked to its nuclear program.
Iranian news agencies reports that the draft projects GDP growth of eight percent.
President Ebrahim Raisi submitted the draft to parliament for a vote expected by the end of 2021.
In Iran, the New Year starts on March 21.
Iran plans to produce 1.2 million barrels per day at a projected price of $60 a barrel. That is down from 2.3 million bpd at a price of $40 a barrel, leaving revenues of $26.3 billion against $33.5 billion in the last budget.
Industry experts say the estimate is too high, given that Iran currently sells around 600,000 barrels a day.
Oil sales account for a quarter of revenues in the budget, with another 25 percent from a sharp increase in taxes.
The 2022-2023 budget allocates about $5 billion to boost “defense capacities and strategic research,” the Tasnim news agency said, up from $4 billion the previous year.
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