Iran battles coronavirus amid dramatic slump in oil income
The Iranian government says it is experiencing its lowest oil revenues in a decade amid the coronavirus pandemic.
Iran’s vice president for economic affairs lamented the free fall of the country’s oil revenue. Mohammad Nahavandian told Iranian state TV that oil inventory has dropped to one-eighth of where it stood in 2011.
The comments came after the global oil market was rattled by the coronavirus pandemic, which has slashed international demand for crude. The damage to Iran, the world’s fifth largest oil producer, has been particularly disruptive. The price of Iranian heavy crude fell below $14 per barrel March 31 — not good news for a government that has based its fiscal budget on the rate of $50 per barrel.
