Iran's official IRNA news agency is reporting that the country's parliament has approved a $97 billion budget for the current year.

The Tuesday report says that the new budget allows the government to set the price of oil at $40 a barrel and to export 2.25 million barrels per day.

Iran says it has increased its crude export to 2.1 million barrels per day, almost double the production levels before a nuclear deal with world powers went into effect in January. The deal resulted in the lifting of international sanctions and the resumption of Iranian oil exports.

The bill needs ratification by the Guardian Council, a constitutional watchdog, to become law.