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Rouhani says Iran least affected by dropping oil prices

Iranian President Hassan Rouhani (R) speaks on the fall in oil prices due to the coronavirus (COVID-19) pandemic during a cabinet meeting in Tehran, Iran on 22 April 2020. [Presidency Of Iran / Handout - Anadolu Agency]
Iranian President Hassan Rouhani (R) speaks on the fall in oil prices due to the coronavirus (COVID-19) pandemic during a cabinet meeting in Tehran, Iran on 22 April 2020. [Presidency Of Iran / Handout - Anadolu Agency]

Iranian President Hassan Rouhani said the falling oil prices will have the least impact on the Islamic Republic compared to other countries, because Tehran is less dependent than others on crude oil exports for revenues, the Iranian News Agency (IRNA) reported.

Speaking at a cabinet meeting yesterday, the Iranian president explained that the country's oil sales had already diminished due to US sanctions.

Earlier on Monday, crude oil prices fell to their lowest level in 18 years with US oil prices turning negative for the first time in history. West Texas Intermediate traded as low as -$40.32 a barrel as storage facilities reached capacity.

Earlier this month the OPEC+ alliance decided to drop oil production by 9.7 million barrels per day; the lowest drop in crude production in history in a bid to restore balance in the oil market. The agreement comes into effect in May.

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