Iran raps Saudi Arabia for not stopping oil price fall

A top Iranian diplomat has lashed out at Saudi Arabia for its lack of cooperation in preventing the fall in oil prices.

Iranian Deputy Foreign Minister for Arab and African Affairs Hossein Amir-Abdollahian said on Friday that Riyadh’s lack of effort in preventing the price drop is “at odds with the atmosphere of the diplomatic negotiations” between the Islamic Republic and Saudi Arabia.

Saudi Arabia’s delayed efforts to fight terrorism and ISIL would be “a new strategic mistake” without taking into account the diplomatic negotiations and the consequences of the oil price slide in the Middle East region, he said.
The Iranian diplomat added that Saudi Arabia’s strategic error would be to the detriment of the whole Middle East region and would only benefit foreigners.

The region which has so far witnessed several strategic missteps with regard to security matters and the instrumental use of terrorism can by no means tolerate any new strategic mistakes, Abdollahian warned.

Oil prices have fallen below USD 60 for the first time since July 2009 amid mounting evidence that global supplies are far outstripping demand.

Some major oil producers, including Saudi Arabia, have recently increased crude supplies, leading prices to plunge.

Many believe oil prices are being used as a political weapon against Iran and Russia.