Iran says it will fare better than others after oil crash amid battered economy

REUTERS | Iran will not suffer as much as other countries from the oil price plunge as it is less reliant on crude exports, its president said on Wednesday, with the state budget depending far less than before on oil revenue due to U.S. sanctions. But as a major crude producer, Iran’s economy has been hit hard since 2018 when the United States exited Tehran’s nuclear deal with six world powers and reimposed sanctions that have strangled Iran’s oil trade and banking sector. The sanctions have limited Iran’s financial options to keep its economy running and most of Iranian revenues from oil sales are locked up in foreign bank accounts.

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