Iran reduces crude oil price in budget to $40 a barrel

A sharp decrease in international oil prices has forced Iran to lower the crude oil price budgetary speculation to $40 for the new Persian year.

Iran reduces crude oil price in budget to $40 a barrel

World Bulletin/News Desk

A sharp decrease in international oil prices has forced Iranian authorities to lower their crude oil price budgetary speculation to $40 per barrel for the new Persian year that starts from March 21.

Iranian Finance and Economy Minister Ali Tayebnia announced this change Thursday during his visit to Qom city located in the south of Tehran.

“We need to reduce our dependence on oil revenues and prepare ourselves for practicing a better resistance economy,” Tayebnia said during his meeting with highly influential Iranian Shia clergies, Islamic Republic News Agency reported.

Iran had earlier fixed the crude oil price at $72 in its budget draft.

Sanctions and drops in oil prices have affected Iranian oil exports and the country's revenues, especially since President Hassan Rouhani took his office 17 months ago. 

 

Last Mod: 16 Ocak 2015, 00:12
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