Iran’s Reliance on Oil Revenues Down to 30 Percent: VP

Iran’s first vice president says the country’s reliance on oil revenues has reduced significantly due to the hard efforts made over the recent years.

In an address to a meeting of the Iranian High Council of Science, Research and Technology on Tuesday, Es’haq Jahangiri said today Iran’s reliance on oil revenues has reduced to 30 percent while it used to be 80-90 percent in the past.

“This means the more we reduce the costs of our executive bodies, the more we can reduce our reliance on oil revenues and spend more money to make further progress,” he said.

The remarks come as the US has tightened its sanctions on Iran with the alleged aim of bringing Iran’s oil exports to zero. Experts, however, express serious doubts about the issue.

China, as Iran’s largest oil buyer, has defied the US demand so far to bring its imports from Iran to zero step by step.

As experts say, though it may not be difficult to import oil from other countries, the move involves huge financial expenses for such importers as Japan, South Korea, and Turkey.

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