Giving in to oil price slump against Iranian dignity

TEHRAN Jan 28(Shana)–Iran’s first vice-president has said the country will never give in to the aftermaths of the oil price fall because it is against the Iranian “spirit and dignity”.
“If the fall in the prices is aimed at forcing Iran to surrender, we will never give in because it is against our spirit and dignity,” said Es’haq Jahanigiri on Tuesday in an administrative council meeting in the southern province of Hormouzgan.

He called on all managers of the country to seek alternative means for solving their issues rather than demanding more financial support.

“Where financial resources are abundant, everyone can manage things well…; a good manager must be able to be innovative and creative to generate new alternative resources,” said Jahangiri. 

He said Iran enjoyed the sale of 2.3mb/d at over 100 dollars per barrel in recent years while it now sells only one million barrel a day at $40.

Oil prices have plunged nearly 60% since June last year over increased supplies by certain countries such as Saudi Arabia and lackluster global economic growth.

OPEC, which pumps out about 40 percent of the world’s oil, has so far refrained from cutting its production to balance the market mainly due to opposition from Saudi Arabia. Iran is a leading producer of the 12-member Organization of the Petroleum Exporting Countries.

The parliament has already allowed the government to increase its revenues from income tax in the next Iranian calendar year by 22%, and up its earnings from miscellaneous income tax by almost 40%.



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