Iran would need oil priced at $194.6 a barrel to balance its budget next year, t...
DUBAI - Iran would need oil priced at $194.6 a barrel to balance its budget next year, the International Monetary Fund said.
Hurt by tighter U.S. sanctions, Iran - a key member of the Organization of the Petroleum Exporting Countries - is expected to have a fiscal deficit of 4.5% this year and 5.1% next year, the fund said in a report on Monday.Iran saw its oil revenues surge after a 2015 nuclear pact agreed with six major powers ended a sanctions regime imposed three years earlier over its disputed nuclear program.
Iran’s economy is expected to shrink by 9.5% this year, compared to a prior estimate of a 6% contraction, the IMF has said, but real gross domestic product growth is expected to be flat next year. A drop in the Iranian currency following the reimposition of sanctions has disrupted Iran’s foreign trade and boosted annual inflation, which the IMF forecasts at 35.7% this year and 31% next year.
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