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Last update - 11:46 23/11/2008
Ahmadinejad: Iran's economy will survive falling oil prices
By The Associated Press
Tags: israel news, ahmadinejad 

Iranian President Mahmoud Ahmadinejad said Sunday that Iran's economy will survive falling oil prices.

Iranian state television quoted Ahmadinejad as saying the plummeting price of oil will not cause any remarkable problems to the economy.


H
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e added in his remarks that the economy was self-reliant, and would be fine with an oil price of $5 per barrel.

International financial institutions estimate Iran needs oil at $90 a barrel to balance its budget and in October Iran said under-$100 a barrel oil would be unsuitable.

Oil prices have come down from the record $147 in July to near $50. Some 80 percent of Iran's foreign revenue comes from oil exports.

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