Market Commentary and Intraday News

Iranian Leaders Call For Ending Dependence On Oil Export

296 days ago

(RTTNews) - Iranian leaders have called on the country to break its dependence on oil exports as Western countries squeeze it with stepped up sanctions to force the Islamic Republic to drop its disputed nuclear program.

Addressing a rally in Tehran on Tuesday, President Mahmoud Ahmadinejad said Iran should move towards ending crude oil exports in favor of producing gasoline and other refined oil products, media reports said.

Iran's Supreme Leader Ayatollah Ali Khamenei on Sunday had also called for an end to oil exports, calling reliance on oil exports a "trap" inherited from the era before the 1979 Islamic revolution. He urged the country to make efforts to overcome it.

Until last year, about 70 percent of Iran's revenue came from oil exports. But exports have been cut in half because of an oil embargo and other sanctions imposed by the U.S. and European countries in response to Iran's uranium enrichment work, which the West suspects is aimed at developing nuclear weapons. Cut in oil export has dealt a serious blow to the country's economy, the reports said.

Analysts point out that the leaders' comments indicate a sense of crisis in Iran's deteriorating economy.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2012 RTTNews.com. All Rights Reserved

View all of today's news »