The Iranian economy isn't expecting a budget shortfall despite the steady decline in global oil prices, the country's economic minister said.

"We will face no budget deficit stemming from the oil price slump," Iran's Minister of Economic Affairs and Finance Ali Tayyebnia said Sunday.

An increase in oil production from North American shale deposits means market dynamics are skewed toward the supply side, pushing oil prices to historic lows. Some economies that depend on oil exports for revenue could start feeling the impacts, while producers elsewhere may find prices too low to sustain development.

"If oil prices keep falling, the government will definitely make plans to head off a budget deficit problem next [calendar] year," the minister said.

The National Development Fund of Iran is structured in such a way as to be protected from oil price fluctuations and may be a source of stability for the Iranian economy, he added.

An assessment from the World Bank finds the dependence on oil revenue makes the Iranian economy "intrinsically volatile."