Energy analysts will tell you that the recent drop in crude oil prices is due to booming production and slowing economic growth in Europe and Asia. But Iranian President Hassan Rouhani says it’s part of a larger conspiracy.
“The fall of the oil prices is not just something ordinary and economical, this is not due to only global recession,” Rouhani said during a cabinet session on Wednesday, according to Reuters.
“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,” Rouhani said.
Though Rouhani did not blame any particular country, Islamic hardliners have blamed Saudi Arabia, their chief rival. Rouhani, however, has steered clear from blaming the Saudis for conspiring to hurt Iran with low oil prices.
Iran has been hit hard by falling oil prices. With oil below $70 per barrel, prices are not high enough to fund Iran’s government activities. According to previous Reuters data, Iran needed crude oil prices to be at least $136 per barrel in 2013 to pad its finances. For 2014, Iran reportedly needs crude oil prices to be around $100 per barrel…
Some have theorized that Saudi Arabia has allowed the price of oil to fall in order to drive US shale companies out of business. But I suppose it could be directed against Iran. Or why not both?
The one thing it is NOT is a conspiracy against Islam. More Iranian lunacy.