The minister addressed lawmakers Monday to discuss budgetary strains resulting in part from a weak crude oil market. Already, the Iranian oil sector saw investments fall from $21 billion in 2012 to $17 billion in 2013. “With this trend, investment from our own resources will be nil next year,” he said. The budget for the current Iranian year, which ends mid-March, relies on oil for 39.3 percent of government revenues. Drafts for next year call for a 6 percent decline in oil dependency. The oil minister said lawmakers are preparing for oil priced at around $40 per barrel. When oil was around $100 per barrel, the oil ministry’s share of the budget was $13 billion, but the slump could mean a 75 percent decline. “The petroleum industry needs financial […]