“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.” [Shana (Iranian Oil Ministry news site)/Bloomberg, 30 October]
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. (Bloomberg, 30 October)
File photo: Iran’s oil export terminal at Kharq Island (Getty Images)