Iran budget will based on oil price next year

Iran planned next year's budget based on an oil price of $60 per barrel, nearly double the price from the last year, the official news agency reported on Sunday, indicating rising optimism over energy prices. Last year, the parliament approved a budget based on $37.5 per barrel for the fiscal year ending in March, reflecting the steep drop in prices that severely impacted the economy. About 80 percent of Iran's foreign revenue comes from oil exports. Earlier on Sunday President Mahmoud Ahmadinejad submitted the budget to the Iranian parliament for approval, saying more money would be allocated to agriculture, education and research, as well as to the poor. He did not give the size of the budget only saying there was "nothing complicated or untransparent" in it. Iran's parliament speaker Ali Larijani said the amount would be revealed later, according to IRNA. The budget requires approval of the parliament and a constitutional watchdog. Semi-official Mehr news agency, however, said the amount of the budget was about $368 billion, some $89 billion more than the current Iranian year. The report said some $270 billion of the budget is predicted for state banks and public sector companies, a mainstay of the economy.