David Cohen, US Deputy Finance Minister, believes that Iran could lose $11 billion, because of low oil prices and sanctions, reported Reuters.
Since last summer oil prices went down by 50%. The analysts believe that slump of oil prices is caused by excessive supply of the market with oil.
“If the oil prices remain the same, then Iran will lose additional $11 billion of oil revenues, which it expected during the last seven-month prolongation of the sanctions,” Cohen said after the hearings in the US Senate.
At the hearings Deputy Finance Minister has urged the US legislators not to introduce new sanctions against Iran, because it is not the best time for them.
Meanwhile, on Wednesday Iranian Oil Minister Bijan Namdar Zangane said that the Iranian oil industry is strong enough to oppose to further reduction of oil price to $25.00 per barrel. The Iranian budget for fiscal year 2015 is based on the oil price of $40.00 per barrel. In December 2014 the country extracted 2.8 million barrels of oil a day against average index of 3.6 million barrels in 2011.
