VOL. XLI

No. 27

6-July-1998

OPEC

Declining Oil Prices And Budget Revenues

In Iran, the government has reported a $1.26bn shortfall in oil revenue in thefirst quarter of the Iranian year (21 March-20 June), according to an "unidentifiedoil official" quoted in the Iranian daily Jameah of 30 June. The official saidthat in the first quarter an average 2.35mn b/d of crude oil were exported at a price of$11.30/B, generating a total oil revenue of $2.47bn, which is less than the projected$3.73bn. The...