Gov’t manages oil price impacts

TEHRAN June 16(Shana)–Iran’s first vice-president has said that the government has been successful in managing the impacts of oil price fall on people’s life.

“The fall in oil revenues in the past two years severely affected the government budget, but the administration… [of President Hassan Rouhani] did its utmost to…minimize the impacts of drop in petrodollars on people’s life,” Es’haq Jahangiri said.

He said Iran used to export between 2 and 2.3 mb/d of oil up to 2011 with oil price at $100 to $140 a barrel, adding that the sanctions cut Iran’s oil exports to 1 mb/d with prices at around $50.

Jahangiri said the administration of former president Mahmoud Ahmadinejad failed to manage the impacts of sanctions.