A senior member of Iran’s oil, gas, and petrochemical exporters union (OPEX) said on Monday that oil exports from the country are expected to reach $43 billion in the year to March 20, down from nearly $47 billion reported in the previous calendar year. Hamid Hosseini added that the total oil and petroleum product exports from Iran had reached nearly $60 billion in the year to late March. Hosseini said that Iran had exported $20 billion worth of oil and petroleum products in the five months to late August, down more than 16% from the same period last year. He said the fall in oil export revenues this calendar year has been a result of lower oil prices in international markets, adding that Iran has sold oil at an average price of $63.5 per barrel in the April-August period, which he said is shy of an annual budget target of $68 per barrel. “Thus, there are concerns that oil revenue expected for this year’s budget could not be materialized,” the OPEX spokesman was quoted as saying during a news briefing.