Summary

Iran is drafting next year’s budget under the premise that oil revenue could fall to zero, with senior budget official Mohammad Ghasemi telling the government on Monday to prepare for that scenario, as the country appears to be weeks away from that eventuality. Iran has loaded no crude since August 25, according to the US Treasury, and the oil it held at sea outside the US blockade fell from 88.8 million barrels in mid-July to zero by mid-October.

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