Monday 14th Oct 2019 

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News: Iran Economy

Iranian regime cash crisis as oil price plunges

NCRI - The Iranian regime is facing a deepening financial crisis as the price of crude oil plunges on international markets.

The regime's budget deficit was reported by the state-run Ebtekar daily newspaper on November 8 issue as totalling 1.5 billion dollars. But economists believe the true figure is much higher.

Hassan Rouhani, the president of the clerical regime, recently admitted that oil revenues had fallen by 30 per cent as the price of oil from $110 to $80 in October.

Rouhani's vice-president Eshagh Jahangiri said: "Some countries have increased their oil exports for political reasons, and these countries will face the reaction of the Muslim people."

The Iranian regime had calculated its budget for 2014 based on oil priced at $100 per barrel and oil exports of around 300,000 barrels per day.

OPEC statistics to October show the average price of Iranian oil on the international market was $103 per barrel, but the price is now below $80 a barrel, and not expected to increase, dramatically worsening the regime's budget deficit.

Experts say the regime must now cut spending to tackle the deficit, but this could further aggravate the problem of massive unemployment in the country.

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