Dubai:�Iranian President Hassan Rouhani has blamed unnamed countries of plotting to bring down the prices of crude and said the recent slump in oil prices was not based solely on economic factors.
With oil prices down more than 40 per cent since June, Rouhani's administration has been scrambling for alternative sources of income.

Iran's 2014 budget is based on oil at around $100 a barrel, while Brent crude is currently below $66 per barrel.

"The fall of the oil prices is not just something ordinary and economical, this is not due to only global recession," Rouhani told a cabinet session on Wednesday.

"The main reason for it is (a) political conspiracy by certain countries against the interest of the region and the Islamic world and it is only in the interest of some other countries."

Offset the effect
The Iranian president also said he had issued orders to his government to take measures to offset the effect of falling oil prices, without elaborating.

While some such as Iran and Venezuela have urged an output cut to support prices, the Organization of the Petroleum Exporting Countries (OPEC) decided in a meeting last month against reducing production.

By Times Of Oman

 

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