Iran needs oil at $60/barrel
‘If the price of a barrel of oil in the five remaining months of the current year stays at an average of $60.60 a barrel, we can pass this crisis soundly,’ the deputy central bank governor for economic affairs, Ramin Pashaei, said.Other sources place the price tipping point even higher:
The International Monetary Fund said in a report in August that if the price of Iranian crude fell to $75 a barrel, Iran would face a current account deficit in the medium term that would be tough to sustain due to Tehran’s financial isolation.At the quoted price, Pashaei says that Iran could not add anything to its reserves. In March 2008, Iran’s central bank announced a surplus of $34.081 billion. Pashaei’s most recent statement put the surplus at $27.078 billion.
As of 12:07 today, the NYMEX crude oil future stood at $61.43/barrel (Bloomberg).
