Iran Budget Faces Short-Term Oil-Price Strain, Rouhani Says
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Iran expects oil prices at five-year lows will put “short-term pressure” on the government’s budget even as it strives to contain inflation, President Hassan Rouhani said.
Crude prices have declined about 40 percent from a June peak amid overproduction and slower demand growth. The Organization of Petroleum Exporting Countries decided on Nov. 27 to maintain its production target, prompting a drop in European benchmark Brent crude to less than $70 a barrel for the first time since May 2010.