Iran’s dependence on oil revenues will drop to its lowest level in the current Iranian year (which began on March 21), President Hassan Rouhani said on Saturday.

The administration succeeded in fulfilling its commitments over the past two years despite financial problems caused as a result of sanctions imposed on the country over its nuclear programme and a slash in oil prices, Press TV reported citing Rouhani while addressing military top brass here.

He added that some neighbouring countries have hatched a plot to reduce oil prices, but their move has backfired on them.

The Iranian president noted that his administration also managed to increase the budget for the country&’s development over the past two years.

Iran holds the world’s fourth-largest proven crude oil reserves and the second-largest natural gas reserves.

Oil prices have nearly halved since the summer of 2014, and currently stand slightly above 60 dollars per barrel.