TEHRAN (Tasnim) – Iranian Parliament Speaker Ali Larijani deplored certain Islamic countries for providing a glut of oil for the world market in order to exert pressure on other Muslim states.
He said such a policy adopted by some Islamic countries to employ the natural resources against other Muslims will ultimately backfire.
Over the past six months, the oil prices have fallen about 50 percent due to a glut of supplies by certain countries such as Saudi Arabia.
On Monday, US crude and Brent futures dropped to fresh 5-1/2-year lows amid worries about a surplus of global supplies and weak demands.
OPEC’s decision in November to maintain output had earlier accelerated oil’s losses.
In December 2014, Iranian President Hassan Rouhani said the decline of crude oil price is not just an economic issue, but the result of a political plot hatched by some states.
“The decline in oil price is a plot against Muslims and people of the region and only benefits some countries,” Rouhani announced at the time.
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