TEHRAN- Iran will allocate 30% of its oil revenue to the National Development Fund (NDF), Mohammad-Mehdi Mofatteh, the spokesman for the parliament (Majlis) ad hoc budget review committee, said after a meeting of the committee on Saturday.

“In today meeting, attended by Oil Minister Bijan Zanganeh, the previous 20 percent share of the NDF from the country’s oil revenue was decided to be increased to 30 percent”, Shana reported Mofatteh as saying.

Oil income has a share of 1.1 quadrillion rials (about $28.7 billion) in the draft of national budget bill for the coming Iranian calendar year (which starts on March 21, 2017), a 48 percent rise year on year.

The proposed national budget is about 10.849 quadrillion rials (about $283.6 billion), an 11 percent rise year on year.

The draft estimates crude oil exports at about 2.42 million barrels per day.

Iran, currently the third OPEC producer, has been ramping up oil production to reclaim its market share after the lifting of sanctions in last January. 

MA/MG