Iran’s Oil Revenue Falls 30% Because of Global Price Decline - Bloomberg

Iran’s Oil Revenue Falls 30% Because of Global Price Decline - Bloomberg:



"Iran’s revenue from crude sales, the OPEC member’s biggest export, dropped 30 percent because of the recent decline in global oil prices, according to 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 said in remarks to parliament published yesterday on Shana, the Oil Ministry’s news website. “We have to deal with the new conditions and the global economic conditions.”



Brent crude, a benchmark for more than half of the world’s oil, has plunged more than 20 percent since peaking in June at about $115 a barrel as supply, boosted by U.S. shale production, outpaced demand. Iran needs to achieve a break-even sales price of $143 a barrel this year to maintain its fiscal balance, according to data compiled by Bloomberg."



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