Iran's Khamenei says oil reliance putting country at mercy of big powers
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DUBAI - Iran's dependence on oil revenue is putting the Islamic Republic's economy at the mercy of major powers, Supreme Leader Ayatollah Ali Khamenei said on Wednesday.
With oil losing a quarter of its value since June, President Hassan Rouhani's administration has been scrambling for alternative sources of income.
Iran's budget is based on oil priced at around $100 a barrel while Brent crude is currently below $87.
Hitting prices is abundant supply as well as concern that slowing economic growth in Europe and China will soften demand.
