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Iran forecasts $20 bln in oil earnings in year
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posted January 30, 2001 08:56
TEHRAN, Jan 29 (Reuters) - Iran said on Monday it expected to earn about $20 billion from crude oil exports in the year to March.
"If oil prices remain in the present mode and there are no more production cuts, we hope to earn about $20 billion by the end of the (Iranian) year," said Hojjatollah Ghanimifard, acting vice-president of the National Iranian Oil Company.
The Iranian year ends on March 20.
Iran, the second largest producer within OPEC, had forecast to earn $11.5 billion from crude exports in its current budget.
Ghanimifard told the official IRNA news agency that Iranian crude had fetched an average of $25.5 a barrel during the first 10 months of the Iranian year.
Iran was assigned a production quota of 3.689 million barrels per day (bpd) at the last OPEC meeting which agreed output cuts of 1.5 million bpd from February 1.
All times are PT (US)
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