International Business Times quotes Dinu Patriciu Eurasia Center and Global Energy Center Nonresident Senior Fellow Ariel Cohen on how low oil prices will affect Iran’s spending after the lifting of sanctions:

Weaponry may be at the top of Iran’s post-sanctions wish list, but with the price of oil having fallen to $46.15 a barrel from nearly $100 about a year ago, Iran’s ambitions will likely be hurt severely. With that in mind, Iran will have to think carefully about what areas of defense it needs to improve on first, experts said.

Those options range from providing Hezbollah fighters, who are supporting Syrian President Bashar Assad in the Syrian civil war, to boosting aerospace efforts, including space-based platforms such as satellites, to advance its military into the 21st century, according to Ariel Cohen, senior fellow at the Atlantic Council, an international affairs think tank based in Washington, D.C.

“The low oil prices will hamper Iranian spending, so you are going to see them prioritize in certain areas,” he said.

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Related Experts: Ariel Cohen