In the budget for the current calendar year to March 2015, the oil price is set at $100.
Jalali Jaafari, secretary of Majlis Energy Committee, said the committee has held a meeting to review the oil price slide and relevant developments.
He said the US’s oversupply of the market with oil is a reason behind the oil price slump, adding that the depreciation of the dollar has also affected the oil prices.
Jaafari said Iran did not call for an emergency meeting of OPEC because a production cut by OPEC member states would not help shore up the prices.
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