MNA – The Iranian first Vice-President Es’hagh Jahangiri announced on Tuesday that the country’s reliance on oil income has dropped below 30 percent.

The government could manage to decrease Iran’s dependence on oil revenues from its previous 80-90 percent to less than 30 percent, the Iranian official said.

“Reliance on oil income presently is below 30 percent i.e. in case of saving via reducing expenditures, the planned financial resources in the budget can be consumed on development targets,” Jahangiri said.

According to the reports, Iranian oil exports will slide in May as the United States tightens the screws on Tehran’s main source of income, deepening global supply losses caused by US sanctions on Venezuela and OPEC-led cuts.

The United States re-imposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. Those sanctions have already more than halved Iranian oil exports to 1 million barrels per day (bpd) or less.

Washington, aiming to cut Iran’s sales to zero, said all sanctions waivers for those importing Iranian oil would end this week. Iran says this will not happen, although its officials are bracing for a drop in supplies.

During the past years, Iran has sought to reduce its reliance on oil revenues majorly via moving towards increasing non-oil exports and flourishing tourism industry.