Iranian President Hassan Rouhani on Sunday proposed next year’s budget of about $115 billion, including a $5 billion loan from Russia and continuation of US sanctions against the country’s oil exports. “Our budget is still based on the US maximum pressure and continuation of the US sanctions,” Rouhani said Sunday in a televised speech, adding that it “doesn’t have much dependence on oil.” The budget assumes 500,000 b/d of oil and condensate exports generating about $10 billion, state TV reported. US sanctions against Iran since November 2018 have slashed the country’s oil exports, with production last month falling to 2.15 million b/d, its lowest since April 1988, according to the latest S&P Global Platts survey. The budget for the Iranian year starting March 20, 2020, is 4,840 trillion rials, which is $115 billion based on the central bank’s conversion rate and about $38 billion in the free […]