SHAFAQNA (Shia International News Association)- Oil Minister Bijan Namdar Zanganeh has said that Tehran has been affected by the recent plunge in the oil price but there are tools to minimize the damage.
The minister made the remarks in an interview with the Trend News Agency, the biggest private news company in Azerbaijan, Caucasus and Central Asia, while he was in the Republic of Azerbaijan along with President Hassan Rouhani on a two-day visit which ended on November 13.
The Republic of Azerbaijan, is a contiguous transcontinental presidential republic in the Caucasus region, situated at the crossroads of Eastern Europe and Western Asia.
By withdrawing money from the National Development Fund of Iran (NDFI) which is the country’s sovereign wealth fund, to pay those who are working in the upstream sector of oil industry, Iran will pay off the damage caused by the fall in oil price, said the minister
He added that Tehran is to pursuit a monetary contractionary policy for next year to recompense for the damage caused by the drop in oil price.
The price of oil has fallen by 30 per cent since mid-June. But the International Energy Agency said on Friday that it had further to fall.
Brent, the international benchmark, hit a four-year low of $76.76 a barrel on Friday but later bounced back to $79. However it was still down almost 5 per cent on the week.