Facing oil slump, Iran moves to tax its way out of crisis
Faced with plummeting oil revenues, the Iranian government is taking measures to make up the smaller amount of petrodollars coming in with increased tax revenue.
TEHRAN, Iran — Amid warnings by some experts of the possibility of a further slump in oil prices in 2016, crude oil prices briefly hit 12-year lows this week, selling for less than $30 per barrel.
With the imminent lifting of Western sanctions on Iran over its nuclear program, the oil market is anticipating an inflow of Iranian crude in coming weeks. Amid these anticipations, there are also speculations that the already oversupplied market could see prices drop to as low as $20 due to a potential price war between exporters bent on keeping market share.
