TEHRAN - Foreign Minister Mohammad Javad Zarif has said it is necessary that Iran cut dependence on crude revenues.
 Addressing a group of Iranian businessmen in Tanzania on Thursday, Zarif said the resistance economy should be considered as a role model in the country’s internal and foreign policies, according to the Fars news agency.

He further stressed the necessity to develop an oil-free economy in order to secure national interests from fluctuations in the oil market and Western pressure.

Zarif also underlined that resistance economy is a strategic policy for Iran.

In early 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

Oil prices have also slumped more than 50 percent since June last year over increased supplies by certain countries such as Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), 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. It produces about 30 million barrels of crude per day.
By Tehran Times

 

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