TEHRAN, Iran – Iranian President Mahmoud Ahmadinejad says Iran's economy will survive falling oil prices.
Iranian state television has quoted Ahmadinejad as saying the plummeting price of oil "will not cause any remarkable problems" to the economy.
He added in his remarks Sunday that the economy was self-reliant and would be fine with an oil price of $5.
International financial institutions estimate Iran needs oil at $90 a barrel to balance its budget and in October Iran said under-$100 a barrel oil would be "unsuitable."
Oil prices have come down from the record $147 in July to near $50.
Some 80 percent of Iran's foreign revenue comes from oil export.
Fox News First
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.