Oil Price Fall not to Impact Iran's Economy
10 Nov., 2014
Iranian Government Spokesman declared that the country plans to prevent any impact of oil price fall on economy.
Iranian Government Spokesman, Mohammad Baqer Nobakht, said Iran will make economic plans as per new oil prices to avoid any potential economic setback, explaining that Iran had based its budget for the current Iranian year (started March 21) on $100 per barrel.
However, he said, oil prices fell to $93 a barrel, which is seven percent lower than the $100 price projected in the original budget.
Nobakht told reporters on Wednesday a budget deficit occurs when revenues decline and the country continues to spend on the same track as before.
"However, we pursue a planned structure of expenditures, therefore we will face no setbacks," he added.
His remarks came after Oil Minister Bijan Namdar Zanganeh called on the Organization of Petroleum Exporting Countries (OPEC) to make joint efforts to prevent oil prices from falling further.
"Given the (ongoing) downward trend of oil prices, OPEC members should make efforts to offset their production to keep the prices from causing further instability," Zanganeh said in September.