Iranian Minister for Oil Bijan Namdar Zanganeh said that oil exporters had instruments to minimize losses from falling oil prices. He emphasized that Iran could take measures to overcome the current stage. According to the minister, the National Development Fund will grant loans for development of national petroleum projects to contractors that have suffered from loss of income, Trend reports.
The government will increase the income of the budget and keep petroleum projects efficient in 2015. The declared measures should help the country compensate for the effects of cheap oil on the Iranian economy.
Zanganeh added that Iran will exchange information with other OPEC members to evaluate the situation and pass the best decision on stabilization of oil prices. OPEC will hold a conference on November 27.
Oil prices have been dropping for over 7 weeks in a row. The WTI has demonstrated its lowest price since 1986. Iran needs to compensate for the heavy losses to its budget, in which oil prices were planned at $100 per barrel. January futures for Bent dropped below $77 per barrel. The Islamic Republic may enter 2015 with a budget deficit of $2 billion.
Iranian Minister for Oil Bijan Namdar Zanganeh said that oil exporters had instruments to minimize losses from dropping oil prices. He emphasized that Iran could take measures to overcome the current stage. According to the minister, the National Development Fund will grant contractors that suffered from loss of income loans for development of national petroleum projects, Trend reports.The government will increase income of the budget and keep petroleum projects efficient in 2015. The said measures should help the country compensate effects of cheap oil on the Iranian economy.Zanganeh added that Iran will exchange information with other OPEC members to evaluate the situation and pass the best decision on stabilization of oil prices. The OPEC will hold a conference on November 27.Oil prices have been dropping for over 7 weeks in a row. WTI has demonstrated its lowest price since 1986. Iran needs to compensate the heavy losses of its budget, where the oil prices were planned at $100 per barrel. January futures for Bent dropped below $77 per barrel. The Islamic Republic may enter 2015 with a budget deficit of $2 bill
