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Iran May Slash Oil Sales Outlook, Store More as Sanctions Bite

Iran may base its budget for the next fiscal year on anticipated exports of 1 million barrels a day of oil, half that shipped in 2011, Fars news agency reported, citing the head of the parliament’s economic committee.

The country exported an average of more than 2 million barrels a day in 2011, according to Iranian government data provided to the Joint Organisations Data Initiative, which is supervised by the Riyadh-based International Energy Forum. President Mahmoud Ahmadinejad has until early December to submit a budget for the Iranian year that starts March 21, Gholamreza Mesbahi-Moghadam, the committee member, told state-run Fars.