The Iranian government said Tuesday it was drafting its annual budget for the next calendar year on the assumption that oil prices will be $70 per barrel. The Organization of Petroleum Exporting Countries, of which Iran is a member, said the price for the 12 blends that make up its benchmark fetched $85.06 per barrel in October, with the Iranian Heavy grade trading at $84.61. For Monday, the OPEC basket price was $66.44, mirroring the international bear market for crude oil. Yahya al-e Es-Haq, the head of the Tehran Chamber of Commerce, said officials were drafting a budget for the fiscal year that begins in March based on $70 per barrel. There are few concerns about the current slump in […]