Iran's budget based on $40 for a barrel of oil

The Iranian oil minister, Bijan Namdar Zanganeh, said that the price of oil is pegged at 40 dollars per barrel in the budget bill for the next year.

He noted that it is not necessary to predict the worst scenario of 2016, however, the price of "black gold" in the coming year will depend on the volatility of the oil market.

"There have been efforts to suggest in the budget the closest and most possible price for oil, though the market is usually in fluctuation," RIA Novosti cited him as saying.

Zanganeh added that the Iranian government has no plan to liberalize the price for oil derivatives.