IMF official: Iran can’t count on big jump in oil revenue

A senior International Monetary Fund official says Iran must deal with a shift to lower crude prices and cannot count on a big jump in oil revenue as it looks to boost production and better integrate with the global economy.

First Deputy Managing Director David Lipton makes the remarks during a visit to Iran’s Central Bank.

According to a transcript of his speech, Lipton says high global oil output and weak demand limit Iran’s prospects for a large increase in oil revenue. He says sustainable growth and job creation will increasingly depend on sectors other than oil in the future.

He also stresses the importance of fighting money laundering and terrorism financing in plugging Iran’s banks into the global financial system, and said the IMF stands ready to help.

— AP