Iran eyes tighter spending, more tax to offset lost oil revenues

Iran is reliant on petroleum exports and adopted a budget for the current fiscal year based on a projected price of $100 per barrelIran plans to tighten spending and raise taxes to help offset the negative impact of sharply lower oil prices and international sanctions on the state budget, its oil minister said. OPEC member Iran, with the world’s fourth-largest oil reserves, is heavily reliant on petroleum exports and adopted a budget for the current fiscal year based on a projected price of $100 per barrel.

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