Special to WorldTribune.com

NICOSIA — Iran has reported a 30 percent decline in crude oil revenue.

Officials said Teheran was forced to reduce prices for the Asian market amid a glut in supply made possible in part by the worldwide shale oil fracking revolution.

Officials said Iran has been hurt by the price of oil, at its lowest level since 2010. They said the decline in revenue, the main source of foreign currency, threatens government programs over the next year.

“We must be ready for these new conditions,” Iranian President Hassan Rowhani told parliament on Oct. 29.

The drop in revenue was reported as Iran sought to return to the oil market after several years of U.S. sanctions.