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.