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Minimizing reliance on petrodollars, Iran strategy: Zangeneh

28 December 2018 , 14:15Neftegaz.RU417

Teheran, December 28 - Neftegaz.RU. Iranian Minister of Petroleum Bijan Zangeneh said despite the fact that among the oil-exporting countries in the region, Iran's budget was the least dependent on petrodollars, the macroeconomic policy of the country «is to reduce the dependence of the budget on oil revenues.»


According to ICANA, Mr. Zangeneh, said the administration was seeking to minimize its dependence on oil revenues in the national budget bill, which was why tax duties would increase in the coming year.


The Iranian Minister of Petroleum, emphasizing that the current situation was an opportunity for Iran, saying plans needed to be worked out to diminish expenses in various sectors.

He further said that the price per barrel of oil in the next year's budget bill was set at $54 per barrel.

India also discusses the possibility of trading oil with Russia, Venezuela, and Iran either in Indian rupees or under a barter agreement, India’s The Economic Times reports, citing an unnamed official. India’s idea to use rupees or a barter system in its oil trade with Russia, Iran, and Venezuela came after U.S. sanctions on Iran.


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