Ahmadinejad says Iran's economy will survive falling oil prices

Tehran: 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 on 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 per cent of Iran's foreign revenue comes from oil export.