Following OPEC decision on Thursday to keep the oil production level at the current level, oil prices in the global market plunged to the lowest in past 4 years. The price of a barrel of the North Sea Brent dropped $6 on Thursday to $73 a barrel. US crud dropped to $69 Oil companies stocks prices also dropped drastically.

What all these mean for Iran’s economy?
Low oil prices have already hurt the mullahs’ economy drastically. The decision by OPEC on Thursday was yet another blow to Iran’s ailing and on the verge of collapse economy. Iran’s minister of economy, Ali Tayyeb-Nia said Iran might have to set its next year’s budget on the basis of $70 a barrel oil prices.