Wednesday, 22 April 2020 09:47

Jahangiri: Iran adapts itself to a situation with no oil income

On Tuesday meeting with top officials of Ministry of Roads & Urban Development, Iran's First Vice President Eshaq Jahangiri said that the US economy, which accounts for 25 percent of the global gross domestic product (GDP), has been selling oil at a price under zero since last night and this shows that the economies of the rest of the world are also affected by the negative consequences of Corona.

Noting that oil was traded at $ 50 to $ 100 a barrel worldwide a few months ago, and no one believed that OPEC oil prices would fall below $ 20 today, he said: "Certainly oil-producing countries like Saudi Arabia which was said they would not be able to run their country with less than $ 70 a barrel of oil, will face a problem. This is while the announcement of a 10 million barrel drop in oil production by OPEC and non-OPEC members could not affect the fall in prices."

Stating that the Islamic Republic of Iran has been able to adapt to the elimination of oil revenues from the country's budget, Iran's First Vice President noted: “The US sanctions and the crisis have made us ready to run the country in the current situation”.

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