Iranian President Ebrahim Raisi submitted his government's draft budget to Iran's Parliament on December 12th. The budget proposal for Persian year 1401, which will begin in March 2022, predicts that the country's economy will expand by 8%. The budget also predicts 1.2 million barrels per day (bpd) of oil exports at $60 per barrel. Estimates for Iran's oil exports in November 2021 ran as high as 900,000 bpd, including 500,000 bpd to China, despite sanctions. However, Raisi's draft budget is smaller in real terms than the current budget due to high inflation in Iran.