Iran budgets for $60 price for crude oil

Iranian President Mahmoud Ahmadinejad on Sunday presented to parliament a large annual budget of $368 billion based on an oil price of $60 per barrel, nearly double the price from last year, indicating rising optimism over energy prices.

Last year, parliament approved a budget based on $37.5 per barrel for the fiscal year ending in March, reflecting the steep drop in prices that severely impacted the economy. About 80 percent of Iran's foreign revenue comes from oil exports. (AP)