Iran cuts reliance on oil revenues by 30 percent

TEHRAN (ISNA)- Iran has lessened its reliance on oil revenues in its next year budget, starting on March 21, 2015, by 30 percent, said Iranian Vice President for Science and Technology Affairs Sorena Sattari.

“The budget was set based on $72/barrel oil price. Iran has cut dependence on oil revenues by 30 percent which has been unprecedented over last 100 years,” he said, adding this is one of the rare economic events in Iran.

“Sanctions have had targeted the country’s economy and people, but improved use of knowledge-based economic thought and it is a good sign for the country,” he said.

Sattari continued that the country still needs to work further to cut its reliance on oil revenues, and stop spending oil revenues on development projects.

Earlier on Wednesday, Iranian President Hassan Rouhani said on petrol price fall is a politically-tainted planning of certain countries.

“Oil price drop is not merely an economic issue, but it is resulted from plot and political planning of certain countries,” he said in cabinet meeting.

He added that oil price fall is a plot against regional countries and Muslims which only benefits certain states.

Rouhani further noted that regional countries would never forget these plots against the Islamic World. “The people would react to the plot for sure. Countries which are behind the plot should know that they fuel the Islamic world’s hatred of themselves.”

Rouhani also said that the government’s next year budget has the least reliance on oil revenues, and government is still practicing ‘resistance economy’.



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