NewsSpecial WireIran economy threatened by drop in oil prices -...

Iran economy threatened by drop in oil prices – Majlis

-

ImageIran Focus: Tehran, Iran, Nov. 14 – Iran’s hard-line dominated Majlis, or Parliament, said that an oil price band of between 40 and 50 dollars a barrel should be set by the budget bill for the next Iranian calendar year beginning March 21.

Iran Focus

ImageTehran, Iran, Nov. 14 – Iran’s hard-line dominated Majlis, or Parliament, said that an oil price band of between 40 and 50 dollars a barrel should be set by the budget bill for the next Iranian calendar year beginning March 21.

“The world financial crisis and recent developments in the world's energy supply and demand has considerably decreased oil prices in global markets”, Ali Adyani-Rad, the Rapporteur of the Majlis Energy Commission, said on Tuesday.

"We must try to predict energy market fluctuations in order to reduce our vulnerability” said Adyani-Rad.

Crude oil income accounts for 80 percent of Iran's revenues.

Ramin Pashaifam, the vice-president of the Central Bank of Iran (CBI), warned recently that the economy will face major problem if oil prices fall below 60 dollars a barrel. Other economic analysts say that Iran would be left with a budget deficit next year if oil prices remain below 90 dollars a barrel.

Crude oil prices have fallen sharply over the past three months from a record high of $147 to less than $55 per barrel.

Latest news

Iran’s 2023 Budget Shrouded In Doubt

On January 22, the Majlis (parliament) approved the draft of the 2023 budget bill proposed by regime president Ebrahim...

Iran: People of Khoy Still Reeling From 5.9-Magnitude Earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Must read

World opposes Iran making nuclear fuel: EU draft

Reuters: The U.N. nuclear watchdog's governing board has reached...

23 people killed in Iran bus crash

Iran Focus: Tehran, Iran, May 26 – At least...

You might also likeRELATED
Recommended to you