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Friday, November 14, 2008

Iran hit hard by oil price drop; rescales budget

NICOSIA — Iran is preparing for the prospect that the price of crude oil will fall significantly over the next few months.

Parliament has been preparing for the price of oil to fall to $40 in 2009. Energy Committee chairman Ali Adyani Rad said the government should base its 2009 budget on an oil price forecast of between $40 and $50 per barrel, Middle East Newsline reported. About 80 percent of Iran's revenues stem from oil exports.

"The world financial crisis and recent developments in the world's energy supply and demand has considerably decreased oil prices in global markets," Rad said. "We must try to predict energy market fluctuations to reduce our vulnerability."

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The price of crude oil has fallen below $55 per barrel, the lowest level in more than 19 months. Officials have warned that Iran would face a crisis should the price of oil remain below $60 per barrel.

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