Oil Minister: Iran has tools to minimize damage by drop in oil prices

bijan namdar zangeneh

Bijan Namdar Zanganeh says although Iran has been affected by a recent drop in oil prices, it does have the tools to cushion the damage.

Oil Minister Bijan Namdar Zanganeh has said that Tehran has been affected by the recent plunge in the oil price but there are tools to minimize the damage.

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By withdrawing money from the National Development Fund of Iran (NDFI), which is the country’s sovereign wealth fund, and paying those who are working in the upstream sector of oil industry, Iran will cushion the damage caused by the fall in oil price, the minister said in an interview with Azerbaijan’s Trend News Agency.

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