Move to Counter Oil Plunge

Move to Counter Oil PlungeMove to Counter Oil Plunge

The secretary of the Supreme National Security Council says Iran has moved to offset the impact of the sharp fall in oil prices through taking action to boost the domestic economy.

“The decline in oil prices has spurred oil-producing countries to take steps to reform their economic mechanisms and reduce their reliance on oil revenues,” Ali Shamkhani said in a meeting with Iraqi Oil Minister Adil Abdul-Mahdi al-Muntafiki in Tehran on Tuesday, ISNA reported.

He added, “The Islamic Republic of Iran based on the strategy of the resistance economy has moved toward immunizing the country against the cruel sanctions and improving its economic capabilities through increasing cooperation with the neighboring countries to neutralize the impact of oil on politics.”