Iran’s Minister of Economics has announced he is prepared to present the country’s budget to Parliament now that the outcome of Iran’s nuclear talks has determined that international sanctions will persist. The budget for the coming year reportedly assumes an oil price of $70 per barrel.

One day after parties agreed on extending the nuclear negotiations for another eight months, the Economics Minister says the budget is ready, Mehr reports. “The administration had already considered the scenario where the result of the negotiations would not be favourable in order to have an appropriate budget in place.”

Ali Tayyebnia added that they have made a very conservative prediction about the price of oil in order to make sure there are no shortfalls in the budget.

Oil prices have fallen significantly in past months, and the Iranian administration has had to adjust its budget to base it on a $70-a-barrel oil price instead of $100.

Radio Zamaneh