Iran’s Oil Revenues Falls 30 Percent

Iran’s Oil Revenues Falls 30 Percent
TEHRAN, Oct 30 (Bernama) — Iran’s oil revenues have plunged 30 percent due to the recent fall in crude prices in the global market, Xinhua news agency reports President Hassan Rouhani as saying.”Economic issues have never been the only determinants of oil prices as politics and global incidents have often had a significant role too,” he told a parliament session on Wednesday.

Iran has slashed its crude price in an attempt to attract Asian customers following the recent slump in oil prices, Press TV reported.

Mohsen Qamsari, director for international affairs of National Iranian Oil Company, said recently the Organisation of the Petroleum Exporting Countries (OPEC) is unlikely to reduce its production ceiling when it meets in November.

Last week, Supreme Leader Ayatollah Ali Khamenei called on the country’s officials to formulate plans to reduce Iran’s dependence on oil revenues and manage the economy based on local capabilities.

“Instead of relying on oil revenues, Iran should be governed by utilising domestic strengths,” he said.

Khamenei cautioned about the “dark future of dependence on oil income” in referring to fluctuation in oil prices in international markets.

Crude oil prices fell nearly by 25 percent to US$87 a barrel on Wednesday.

–BERNAMA

 

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