Washington and the European Union have stepped up sanctions on the Islamic Republic, alarmed by its disputed nuclear programme.
Iran earned up to $100 billion in oil revenue last year but an EU
embargo set to come into force in July could put a major dent in future
income.
The president has also faced criticism inside Iran for his handling of
the economy, particularly over his withdrawal of generous food and
energy subsidies in favour of cash handouts - a move that critics say
has fuelled inflation and increased hardship.
Iran's National Development Fund - which is currently valued at around
$35 billion - was set up by Ahmadinejad's government last year to
collect some of the proceeds from the country's oil and gas industries
for the benefit of future generations.
A minimum of 20 per cent of its reserves is supposed to be invested abroad.
"Taking into the account the upward movement of oil prices, Iran's
National Development Fund could reach 55 billion by the end of the
[Persian] year [March 2013]," The Iranian state news agency quoted the
president as saying during a visit to north-eastern Iran.
"For the first time in history ... [the] government has been able to
save a proportion of its oil revenues while previous governments spent
all revenues every year," Ahmadinejad said.
Ahmadinejad added the 20 per cent of oil revenues set aside in the past
would increase to 23 and 26 per cent in the following two years.
Previous governments had contributed to the Oil Stabilisation Fund
which was created in the year 2000 to support the national budget during
oil price fluctuations. Its funds have been transferred to the National
Development Fund.
Sanctions against Iran aim to hurt Iran's energy industry and its
financial sector, forcing oil companies to choose between buying Iran
crude or continuing business in the United States. Companies that want
to continue trading with Iran have encountered increasing difficulties
in meeting oil payments.
The International Energy Agency recently said that the wide-ranging
sanctions against Iran could reduce its oil exports by as much as 1
million barrels per day, or 40 per cent, from the middle of the year.
Western powers have ratcheted up sanctions to force Tehran to abandon
uranium enrichment which they suspect is part of a programme to
development nuclear weapons. Iran has repeatedly denied the accusations.
Iran is due to hold further negotiations with Western powers next week
in an effort to find a solution but the time and date of the talks have
still not be finalised.
