Iran's national representative to Organisation of the Petroleum Exporting Countries (Opec) predicted oil prices in 2016 at between $35 to $50 a barrel, but that they would not go above $60 in the next four years. Iran drafted a state budget for next fiscal year (starting on March 20) based on oil at around $35-40 a barrel.
"The oil prices in the next year (2016) will fluctuate between $35 to $50, so Iran is not worried about a fall of its oil income," Mehdi Asali was quoted as saying by the oil ministry's news agency, SHANA on Wednesday. Iran has repeatedly blamed its regional rival Saudi Arabia and fellow Opec-member for plotting to bring down crude prices as a tactic to undermine its sanctions-hit economy.
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