6695
Economy Less Oil-Reliant
Economy, Domestic Economy

Economy Less Oil-Reliant

President Hassan Rouhani said on Wednesday that reliance on oil revenues has considerably reduced in next year's budget.
"The unprecedented oil price fall has made it possible for the government to rid the budget of oil revenue dominance," President Rouhani told a cabinet meeting.
"People can rest assured that the government is able to run the country with the current oil prices," he said. The government has also managed to reduce the budget reliance on oil by generating revenue through non-oil exports, he added.
"The country can take advantage of its geopolitical significance and its numerous capabilities in road, rail and air transit," President Rouhani said, expressing hope that the government's annual revenue from non-oil exports will reach $50 billion by the end of the current year.
Oil prices have plunged more than 40 percent since June to less than $70 a barrel, placing severe strain on Iran's economy, which is already hit by western sanctions imposed over its nuclear energy program.
An OPEC meeting last month failed to reach an agreement on production curbs, mainly because of Saudi Arabia's opposition.
President Rouhani also said that the fall in prices is "politically motivated, at least in part," attributing it to a "conspiracy against the interests of the region, the Muslim people and the Muslim World."
"Iran and the people of the region will not forget such conspiracies, or in other words, treachery against the interests of the Muslim World," he said.
OPEC controls about 40 percent of the world oil market and Saudi Arabia, the largest oil exporter, produces nearly 10 million barrels a day - a third of the OPEC total. Riyadh has thus far refused to follow Iran, Russia, Nigeria and Venezuela in wanting to scale back production to drive prices up.
Some experts argue that the fall in prices has mainly to do with a US oil boom and lower world demand as a result of weakened economies. Saudi Arabia is opposed to cutting production because it fears its market share could erode.

 

Short URL : http://goo.gl/cG3t5d

You can also read ...

Iran’s net hot-rolled coil consumption was 5.6 million tons in 2017, of which 0.8 million tons were imported.
Russia and Kazakhstan are temporarily stepping back on sales...
Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions
The European Union may opt for digital currencies in its...
EU foreign policy chief, Federica Mogherini, hailed the imposition of the blocking statute on Monday as a “consistent step forward”.
As it races to save the Iran nuclear deal, the European Union...
Colza Production Exceeds Expectations
The government has purchased more than 300,000 tons of colza...
Plastic Production Plant Launched in Chabahar
A factory producing different kinds of plastic products was...
Iranian Banks Downsizing Branches
Iran’s banks and credit institutions have continued the...
Interbank Rate Tweak to Impact Interest Rates
Officials at the Central Bank of Iran have announced the...
Secondary Forex Market: Corruption Loopholes Abound
Two goals set have been set for the recent establishment of...

Trending

Googleplus