Iran: Saudi has to stop decline in oil prices

Senior Iranian official called yesterday for Saudi Arabia to take action to stop the declining oil prices to help maintain the wealth of the people of both countries.

The Head of the Iranian Planning and Management Organisation Mohammad Bagher Nobakht told the local TV channel Al-Alam that the reasons behind the decline in prices are political. “They are to put pressure on Iran regarding the talks on the nuclear programme,” Nobakht said.

He stressed that such pressures would never lead Iran to bargain, noting that his country is ready for the “worst possibilities”.

The official said that Iran considers oil as a wealth for the people and it has been working with the other countries to get a joint decision regarding the decline in prices.

“But, we noticed that Saudi Arabia is not accepting this for reasons we do not know,” he said.

Nobakht noted that Saudi Arabia had stressed that it would not cut the production even if the oil prices declined more and more. “This proves that Saudi Arabia is intending to maintain oil prices at their current levels,” he said.

He called on the Muslim nations, including OPEC members, to put their efforts together in order to get better oil prices and maintain the wealth of their countries.

Nobakht said Iran is ready to talk to Saudi Arabia in order to take joint decisions, stressing that his country is hopeful that Riyadh will be ready to cooperate for the sake of the people in both countries.