Iran reduces oil revenue dependency: Zarif

TEHRAN, March 14 (Shana) – Foreign Minister Mohammad-Javad Zarif said Iran has reduced its dependency on oil revenues from over 50 percent to about 33 percent while the economy of Saudi Arabia and its collaborators in the Persian Gulf fell flat so that they have resorted to borrowing.

Speaking to Iranian expatriates in New Zealand he hailed the role of people in breaking the sanctions atmosphere against Iran.

“The Saudi regime is attempting to escalate the threat atmosphere against Iran. It lowered the oil price to the extent to overthrow Iran,” he said adding that the plot was not successful.

“Resistance, resilience, and vigilance of our nation showed that no one should threaten an Iranian. Rather, Iranians deserve dignity and appreciation.”
“Intolerable conditions were imposed on our people which made working with Iran expensive. Iranians are the best role model of a rich and genuine culture,” Zarif said.

President Hassan Rouhani has also said that plunging crude oil prices are an opportunity in speeding the country’s taking distance from the reliance on oil revenues.
In a televised interview last January, he said the country is gradually distancing itself from the dangerous addiction and total economic dependence on oil.

He said next year budget’s reliance on oil revenues has been reduced to 25 percent amid falling prices from 120 dollars to under 30 dollars per barrel.