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Iran will reduce the country’s dependence on oil revenues to zero

Iran will reduce the country’s dependence on oil revenues to zero

Teheran, August 13 - Neftegaz.RU. Head of the Plan and Budget Organization Mohammad-Bagher Nobakht said that the new reforms in the structure of the country’s budget aim at cutting direct dependency on oil revenues to zero.

He made the announcement at the 1st session of drawing up the budget structure for the next Iranian fiscal year (starting on March 20, 2020).

“Given the difficult times of sanctions, we will be losing a considerable amount of budget resources; therefore, it is necessary to make sure that the reforms in the budget structure for the next year will be able to cut down direct dependency on oil revenues to zero,” Nobakht said.

He went on to add that even under normal circumstances, the country still needed to reduce its dependency on oil revenues. “For the 1st time, we have taken an important step toward reforming the country’s budget structure,” he stressed.

Following the US’ unilateral withdrawal from the Iran nuclear deal last year, US President Donald Trump's administration went ahead with re-imposing sanction on Iran, targeting the country’s energy and banking sectors, and stepping up efforts to drive Iran’s oil revenues to zero.

In April, the White House announced its decision not to renew waivers that allow 8 countries, including China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey, to buy Iranian oil without facing US sanctions.

Meanwhile, Iran says with or without waivers, the country’s oil exports will not fall to zero under any circumstances. At the same time, the country is making efforts to reduce its reliance on oil revenues and instead turn its focus on non-oil production and exports.

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