TEHRAN, April 21 (UPI) -- Iran aims to increase non-oil exports by 20 percent as part of an effort to reduce its economic dependence on crude oil, an industry minister said Tuesday.
Motjaba Khosrwotaj, the deputy minister of industry, mining and trade, said the increase would bring export revenue to $60 billion for the calendar year ending March 2016. With Iraq, Afghanistan, India and China as main export destinations, the minister said the hike would provide Iran with a buffer against oil revenue.
The Iranian government said that, since late 2013, oil exports have declined by about 1.5 million barrels per day, taking about $100 billion from the revenue stream. Iranian exports were curbed according to a late 2013 nuclear agreement with world powers.
Tehran at the same time is expecting an inevitable return to the world's oil stage if a framework agreement that pulls Iran back from the nuclear brink is formalized later this summer. Oil production for full-year 2013, the year in which the current round of multilateral negotiations began, was 2.6 million bpd.
Iran this week played host to a delegation from Venezuela, a fellow member of the Organization of Petroleum Exporting Countries struggling economically in the era of low oil prices. Iranian Foreign Minister Javad Zarif said it was incumbent on OPEC to work collectively to stabilize the crude oil market.
"We have discussed the necessity of coordination between the two countries on the oil issue and oil policies and active contribution to international decision-makings," he added.
Iranian President Hassan Rouhani delivered a similar message to an Algerian delegation this week, saying oil prices are "detrimental" to producers as well as the global market as a whole.
Brent crude oil traded early Tuesday at around $63 per barrel, down about 42 percent from June 2014 highs.
