Iran's President Mahmoud Ahmadinejad said on Monday that Iran will survive even without oil revenues, the official IRNA news agency reported.

"Even if enemies stopped buying oil from Iran, the country would survive unhurt," Ahmadinejad said during his visit to the southern city of Ahvaz in Khuzestan province.

"The current international financial crisis would have no determining effect on Iran's budget as Iran's economy relies on its domestic potentials," he said, adding that "Finally ( Westerners) found out those sanctions had no effect on the strong will of the Iranian nation."

His remarks came amid serious concerns, from domestic economic observers, over the ever-falling price for crude oil upon which the economy of Iran strongly depends.

The price for crude oil of the Organization of the Petroleum Exporting Countries (OPEC), of which Iran is a member, continued falling on Friday, when it dropped to 42.56 dollars per barrel, the cartel said Monday.

Iran, which holds estimated recoverable oil reserves of 138 billion barrels, produces oil of some 4.2 million barrel per day (bpd).

(Xinhua News Agency November 24, 2008)