Jahangiri: Iran adapted its budget to zero oil income

IRNA – Iran’s First Vice President Eshaq Jahangiri said on Tuesday that Iran adapted its budget to zero oil income, as the world market experienced dramatic falls of the oil prices.

Jahangiri made the remarks in a meeting with top officials of Ministry of Roads & Urban Development.

Jahangiri said that the United States which possesses 25 percent of global gross production put futures oil sale at below the price causing financial damages on the other oil exporting countries when they are suffering from heavy burden of coronavirus.

He added that the oil exporting countries including Saudi Arabia which believed it was impossible to run the state with oil under $70 per barrel would face harsh problems now that oil price is under $20.

“But the Islamic Republic of Iran, with reliance upon grace of God Almighty and the plans developed, has managed to adapt its budget to the situation with no oil income,” Jahangiri underlined.

He asked universities and scientific institutes to offer science-based wayout for the oil-dependent industries — petrochemical and metal sectors, noting that they would also be hit by the consequences of oil price collapse.

On the efforts made by Ministry of Roads & Urban Development to ease the problems caused by Spring floods last year and this year as well as the damages caused by coronavirus, Jahangiri praised the ministry for providing flood-hit people with settlements and round the clock endeavor to keep transport sector active and meet the nation’s needs.