MOSCOW (Sputnik) — According to Zangeneh, the crude oil price assumption was calculated to be as realistic as possible, with volatility in the oil market expected to continue into next year.
"There have been efforts to suggest in the budget the closest and most possible price for oil, though the market is usually in fluctuations," Zangeneh was quoted as saying by the local IRNA news agency.
The petroleum minister also underscored that the government did not intend to liberalize the price for petroleum products.
OPEC will also continue to exceed its 30 million barrels a day target, according to the organization. The excess persists despite October's production cut of 256,000 barrels per day.
Brent crude prices plunged from $115 per barrel to $48.50 per barrel between June 2014 and January 2015. Prices did not exceed $67 per barrel throughout 2015, mostly hovering around $55 per barrel.