Iran Needs Higher Oil Price for 2013 Budget, Apicorp Says
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Iran needs the highest oil price among OPEC members to balance its 2013 budget, according to an inter-governmental Arab energy lender.
Iran requires an average crude price of $144 a barrel this year to break even, up from $127 last year, the Arab Petroleum Investments Corp., known as Apicorp, said today in an e-mailed report. Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, will need a lower $98 to balance its budget, according to Apicorp. The kingdom needed $94 last year, the lender said.