Azernews.Az

By Sara Rajabova

Iran, along with other oil-producing countries suffers from the fluctuating global oil prices. Now Tehran is trying to take steps to reduce its dependence on the oil revenues.

The Islamic country is mulling over new ways to decrease its dependence on crude revenues. Earlier, Ayatollah Seyed Ali Khamenei, Supreme Leader of the Islamic Revolution noted the necessity of cutting the country's dependence on oil revenues.

Mehdi Sanayee, Iran’s Ambassador to Moscow said Tehran tried to reduce its dependency on oil revenues and fulfilled a wide range of measures in this concern, Fars news agency reported.

Sanayee said in an interview with Russia's 'Moskovsky Komsomolets' that Iran has increased its non-oil exports and achieved a great success in this concern.

He noted that in confrontation with sanctions, Iran opted for two approaches: decreasing consequences of the sanctions and engaging in negotiations to settle the nuclear dispute.

On the other hand, Iranian officials say the country earns more money from the oil exports by applying innovative methods.

Mohammad Reza Mazloumi, Head of the commercial department of National Iranian Oil Products Distribution Company said the country earned more than $2.3 billion from sales of oil products in the 10 months to January as the country is applying innovative methods to sidestep the U.S.-led sanctions.

He said sales of fuel oil rose 30 percent to $1.35 billion from the same period a year ago, Press TV reported.

NIOPDC projected its sales of fuel oil will hit 4 million tons by the end of the Iranian calendar year in March 20, having sold more than 3 million tons in the first 10 months.

Sales of oil products offer a lifeline in the face of a double whammy of U.S.-led sanctions and oil price swings.

Iran’s oil exports have nosedived by about 1.5 million barrels per day since late 2013, shaving about $100 billion off the government revenues.

Earlier, President Hassan Rouhani said his government had reduced Iran’s reliance on oil revenues from an average of 45 percent over the past two decades to about 31.5 percent next year.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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