Falling oil prices have least impact on Iran's economy: Rouhani

April 22, 2020 - 15:57

TEHRAN – Iranian President Hassan Rouhani said the falling oil prices will have the least impact on the Iranian economy since the country is not completely reliant on oil anymore, Shana reported.

Speaking in a cabinet meeting on Wednesday, Rouhani said in the current situation, the countries that are more relied on oil will suffer more, but since Iran’s reliance on oil has been reduced, willingly or under the U.S. sanctions, the country’s losses will certainly be less, Shana reported.

Mentioning the negative impacts of the coronavirus pandemic on the global economy, the president noted that today the whole world is economically and administratively struggling with the pandemic.

"Who would have thought that such a virus could dishevel the global economy,” he said.

Of course, all the oil-rich countries, including ours, will suffer losses, but for some the losses will be very big and for some much less, he added.

Earlier on Monday, U.S. oil prices fell into negative territory for the first time in history as the huge fall in the demand caused by the coronavirus pandemic flooded the markets with oil and left not enough storage capacity so producers were forced to even pay buyers to take it off their hands.

West Texas Intermediate, the U.S. benchmark, traded as low as -$40.32 a barrel on the mentioned day.

EF/MA

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