Iran Parliament's think tank forecasts lower crude prices
Forecasting the future of the oil market is crucial, especially for countries where oil export is the lifeblood of the economy and budgets are constructed, deconstructed and reconstructed depending on crude price and production.
The significance of how much the black gold fetches in the international market is more important for a sanctions-hit economy like Iran where oil production is set to decline in fiscal 2019-20.
An analysis in the Persian-language economic newspaper Donya-e-Eqtesad (a sister publication of Financial Tribune) says in the best case scenario oil revenue will fall by 25% in next year's budget.
Future crude oil prices are heavily influenced by geopolitics and global economic growth as well as the views of Iran oil’s importers after the US re-sanctioned Iran in November.
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