Minister: Iran’s macro-policy aims to cut budget dependence on oil revenues

Oil&Gas Materials 26 December 2018 17:06 (UTC +04:00)

Baku, Azerbaijan, Dec. 26

By Elnur Baghishov – Trend:

Iran’s macro-policy is reducing budget dependence on oil revenues, although compared to neighboring countries, the budget is less dependent on oil and the situation is more favorable, Oil Minister Bijan Namdar Zanganeh said, according to the Mizan News Agency.

He noted that the government aims to reduce the dependence on oil revenues, and therefore, taxes have been increased for the next year.

The minister added that current situation should be assessed properly. “We must lead the country away from the present dangerous condition with strong will and initiative,” he added.

Answering the question if budget reforms reduce oil dependence, Zanganeh said that not much change has been observed in the budget.

The minister noted that the oil price in the annual budget varies in some cases.

For example, this year (started March 21, 2018), a barrel of oil was sold for over $70, despite that the budget envisaged $55, while $54 is appropriate for the next year, Zanganeh said.