To ask the Secretary of State for Foreign and Commonwealth Affairs, what assessment his Department has made of the effect of the falling cost of oil on the economy of Iran.
Answered on
10 March 2015
Iran's oil revenues have been drastically constrained by sanctions. So while a fall in the oil price will have an impact on Iran's public finances and economy this will be less significant than if sanctions were not in place: Oil revenues were c.12% of Iran’s GDP last year. The extent of the impact will be affected by the length of time oil prices will stay low.
Answered by
Foreign and Commonwealth Office