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An economy free of petrodollars

In 2019, Iranian President Rouhani presented a draft state budget of some $39 billion to parliament, designed to limit dependence on oil exports, in resisting US sanctions.

Iran has not been left with much of a choice, although this country had made its choice well before it was hit by sanctions.

Two and a half million barrels of crude exports in April 2018 have been reduced to a floating 200,000 barrels per day, since the US reimposed sanctions a month later in May 2018.

But Iran has had the vision of breaking free from the hold of oil as a raw commodity for decades.


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