Rowhani: Those behind oil slump will ‘regret it’

'Those that have planned to decrease the prices against other countries, will regret this decision'. (File photo: AP)

Iranian President Hassan Rowhani said on Tuesday that those behind the fall in global oil prices would regret their decision and warned they would suffer alongside Iran from the price drop.

"Those that have planned to decrease the prices against other countries, will regret this decision," Rowhani said in a
speech broadcast on state television.

"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.

Oil prices have fallen to six-year lows in the last six months, plunging by more than 50 percent amid concerns of oversupply and weak global growth, with benchmark prices dropping to below $50 a barrel.

Meanwhile, Venezuelan President Nicolas Maduro was in Algeria Tuesday for talks with the fellow OPEC member on how to tackle tumbling oil prices, officials said.

Maduro arrived in Algiers on a tour of OPEC countries that has included Saudi Arabia and Iran, where he reportedly pushed for greater cooperation between members of the cartel to shore up the price of oil.

He was to meet in Algeria with President Abdelaziz Bouteflika, according to a presidential statement quoted by Algeria's APS press agency.

The two are to hold talks on "the current crisis in the price of oil, and on the ways and means of turning it around, in the framework of an effort broadened to non-OPEC producers," it said.
 

[With AFP and Reuters]

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Last Update: Wednesday, 20 May 2020 KSA 09:43 - GMT 06:43
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