October 31, 2014

Iran Oil Revenues Drop by 30 Percent due to drop in global prices

90% of Saudi Budget also dependent on oil prices.




Iran oil revenues dropped by 30 percent because of the recent decline in global oil prices, said Iranian President Hassan Rouhani.

“International conditions are such that the country’s main source of income, i.e. oil revenues, has been cut by some 30 percent,” Rouhani told Majlis. “We have to deal with the new conditions and the global economic conditions.”The benchmark Brent crude has plunged nearly 25 percent since peaking in June at about $115 a barrel, as supply boosted by U.S. shale production outpaced demand. Brent traded at $86.52 today.

Meanwhile, the Joint Organization Data Initiative reported that Iranian oil exports fell to the lowest level on record in August, mainly due to slowdown of the economy and energy demand in China, Iran’s biggest customer.

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