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Iran Oil Ministry Faces Cash Emergency After Crude’s Drop

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The Iranian oil ministry won’t be able to pay staff or invest in boosting production if parliament proceeds with a plan to slash funding, according to Oil Minister Bijan Namdar Zanganeh.

“The oil industry’s situation is deplorable,” Zanganeh said in comments reported by the state-run Islamic Republic News Agency. A draft bill reviewed by parliament Monday would cut the ministry’s budget to $3 billion in the Iranian year that begins March 21. That’s down from $13 billion a year earlier.