Iran’s parliament has lowered the government’s oil export target from 2.3 million to 1.5 million to manage expectations, news agency ISNA reported Jan 2. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The proposed budget had aimed to sell over 2 million b/d of crude both in domestic and international markets. However, the figure was questioned due to strict US sanctions and the COVID-19 impact on demand. Both factors have capped Iran’s sales below 1 million b/d over the past year. Parliament’s Corporate Committee — which is in charge of finalizing the proposed budget — said the target was unrealistic. “The 2.3 million-barrel sales ceiling was unrealistic and non-realizable… In the most optimistic case, members of the commission reached the conclusion that the government [can] achieve exports of 1.5 million barrels…,” Malek Shariati-Niasar, the head of the energy team in the Corporate Committee, […]