Iran says Saudi Arabia should move to curb oil price fall

The price sign outside Costco in Westminster, Colorado, shows gas selling for $1.81.9 for the first time in years, December 23, 2014. Credit: Reuters/Rick Wilking

(Reuters) – Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world’s biggest crude exporter, takes action to reverse the slump, Iran’s deputy foreign minister told Reuters.

Hossein Amir Abdollahian described Saudi Arabia’s inaction in the face of a six-month slide in oil prices as a strategic mistake and said he still hoped the kingdom, Tehran’s main rival in the Gulf, would respond.

Oil prices closed on Wednesday at a 5-1/2 year low, registering their second-biggest ever annual decline after OPEC oil exporters, led by Saudi Arabia, chose to maintain oil output despite a global glut and calls from some of the cartel’s members – including Iran and Venezuela – to cut production.

“There are several reasons for the drop of the price of oil but Saudi Arabia can take a step to have a productive role in this situation,” Abdollahian said.

“If Saudi does not help prevent the decrease in oil price … this is a serious mistake that will have a negative result on all countries in the region,” Abdollahian said in an exclusive interview on Wednesday evening…


Poor babies. Not that is helping Canada either. The dollar has slid along with oil prices. But we are not in such desperate straits as Iran. Plus, some in Canada benefit from lower prices.

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  • Ed Ellison

    Looks like the whining will soon reach be reaching a fever pitch.
    The Saudi plan is working like a charm.

  • “If Saudi does not help prevent the decrease in oil price … this is a serious mistake that will have a negative result on all countries in the region,”

    Ha Ha Ha Ha. I almost feel bad for you.

  • Xavier

    Got a prognostication of the long term effect on Iran?

  • Pete_Brewster

    Chairman Kate does. Lower oil prices mean fewer Ontario taxpayers will move west.

    • Billy Bob Thornton

      So in essence everyone now in the West is struggling meaning all over the Western world?!

  • Linda1000

    The Saudis will have such fat heads if they manage to take down Iran without firing one shot. We’ll never hear the end of it and the next thing you know they’ll be demanding representation in the White House to fix Ozero’s MB infiltration problem. Remember he has already bowed to the Saudi king.

    • Norman_In_New_York

      Who do you think has financed the more recent presidential libraries?

  • David

    Gas is 48 US cents a litre at costco Colorado. In Vancouver I’m ecstatic with $1.05 per litre gas:(

    • David

      Which would be around 57 cents Canadian:(