In March 2010, the Iranian Parliament approved a $347 billion budget, in which the allocation from subsidies and the oil price were set at $20 billion and $65 per barrel, respectively. According to the Vice President for Parliamentary Affairs, Iran's subsidy reforms would save 20 percent of the country's budget. Iran wants to save up to $100 billion on subsidies within three to four years. In 2011, the Iranian parliament approved a $508 billion budget based on $80/barrel oil price. This bill also factors in $54 billion from price hikes and subsidy cuts.
