28 Mar 2024
Friday 10 February 2017 - 21:33
Story Code : 250523

Iran says reliance on oil reduced

Press TV- Irans President Hassan Rouhani says his administration has been able to reduce the countrys reliance on oil revenues over the past three years.


Rouhani made the announcement in a speech at a rally in Tehran to mark the anniversary of the 1979 Islamic Revolution.

Over the past three years, Irans reliance on oil in the national budget has decreased, he told thousands who had gathered in Tehrans Azadi Square.

This is the same thing that the Leader of the Islamic Revolution [Ayatollah Seyyed Ali Khamenei] had been insisting for year.

Rouhani further emphasized that his administration had been able for the first time to take the countrys trade balance into the positive territory.

After 37 years [from the Islamic Revolution], we were for the first time able to achieve a positive trade balance, he said, adding that this was a significant achievement given that the countrys trade balance during a certain period in early 2000 was in the negative territory by at least $20 billion.

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Rouhani also said that the exports of non-oil products will take over oil exports by the end of the current Iranian calendar year (21 March 2017).

The Iranian president said the countrys production of natural gas from the huge South Pars gas field which Iran shares with Qatar - would exceed Qatars by the end of summer.

This is while Qatars production from the field was higher than Irans in the past by 2.5 times.

Elsewhere in his remarks, Rouhani said that Irans current exports of condensate and crude oil had already reached 2.8 million barrels per day. This, he said, marked a major increase compared to last year when the countrys exports of both products stood at only 1.2 million barrels per day.

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