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Abbas Fallahi:

Iran capable of pushing back oil sanctions

Service : Politic
Tehran, July 23, (ICANA) – Member of the parliament's Construction Commission Abbas Fallahi underscored Iran's capability to easily survive the western oil sanctions, saying that the country enjoys many strong points to counter the embargos.
Monday, July 23, 2012 3:28:00 PM
Iran capable of pushing back oil sanctions

"Iran ranks the fourth in the world with its over 110bln barrels of oil reserves, but it has defined an economy not much based on the oil price since nonoil exports have special a position in it," Fallah said on Monday.

He also reiterated the strategic importance of the Strait of Hormuz in the Persian Gulf for the world energy market, and said everyday 18mln barrels of oil pass through the waterway which is under Iran's control and the country is able to close it whenever necessary.

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