Oil: Iran at all-time low dependency on oil

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Oil: Iran at all-time low dependency on oil

Post by Meconomy153 » Tue Jan 06, 2015 11:05 pm

Iran expects to slash its dependency on oil revenues to all-time lows: for the next Persian calendar year (which starts on March 21) the oil income would be around 30 percent of the total governments income... The figure represents the lowest ever dependency of Iran's budget on oil revenues, according to IRNA.

The oil-exporting countries are faced with a downfall in the prices of oil at the international markets.

The IMF has stated always that Iran needs oil at $130 per barrel to balance its budget. Today the price dropped below $50 per barrel. So IMF got it wrong again, but that is no news beceause they even publically admitted they got it wrong (with Greece).

Last week the Central Bank of Iran also announced that a total of 490 million petrodollars was transferred to an Iranian account in Oman from South Korea. This money is part of its frozen oil revenues and it is released under the interim nuclear deal with the P5+1 group, which allows the partial release of the blocked Iranian funds.

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