Khamenei wants less reliance on oil

Iran's Supreme Leader Ayatollah Ali Khamenei called on the country's officials Wednesday to formulate plans to cut Iran's dependence on oil revenues and manage the economy on the basis of the domestic capabilities.

"Instead of relying on the oil revenues, Iran should be governed by utilising domestic forces and the sources above the ground," Khamenei said, adding that talent of young people and advancements in science should be heeded more than using underground resources like oil.

The Iranian leader also warned that developing the country's economic plans based on the oil revenues will leave the economy vulnerable, according to Tsnim news agency.

Making a reference to fluctuation in the oil prices in the international markets, Khamenei cautioned about the "dark future" of dependence on oil incomes, said the report.

Crude oil prices fell almost by 25 percent to just over 86 dollars a barrel Wednesday since a peak of 115 dollars a barrel in June, and it is an unwelcome news for the Iranian government which relies heavily on oil exports.

Iran is also under western sanctions to develop its energy industry and to sell its oil and gas products in the international markets.