Iran’s President Mahmoud Ahmadinejadhas admitted that the fall in world oil prices will affect his government’s projects. He acknowledged that “oil prices will be low for some time” because of the global recession. Iran, OPEC’s second largest producer, has an official daily output of 4.2 million barrels, which provides half the country’s budget. Ahmadinejad boasted recently that his government was impervious to the global recession.  Ahmadinejad was elected in 2005 on a campaign promising to invest oil-generated cash into local infrastructure and granting low-interest business loans to create jobs, but economists have criticized the lack of investment in domestic industry and savings.