Young Journalists Club | Latest news of Iran and world

News ID: 6019
Iran » Iran
Publish Date: 18:24 - 13 January 2015
TEHRAN, YJC. In an address to huge gathering of people in the southern city of Bushehr on Tuesday, President Hassan Rouhani assured on Tuesday that Iran will not surrender under the plunging oil prices.

He asserted that other crude producers will cut the edge of the orchestrated drop in crude prices.

"The parties that have engineered the fall in oil prices to damage certain countries are going to regret their deed and could not keep to their present way,” Rouhani said.

He further explained that in case the falling oil price is to make Iran suffer, people have to know that other (oil) producing countries like Saudi Arabia and Kuwait are going to suffer greater losses.

The president noted that Saudi Arabia and Kuwait are heavily dependent on their oil revenues, while only one-third of Iran's national budget for the next year relies on petrodollars.

The Iranian president also noted that the plummeting oil prices "could not continue for very long,” emphasizing that "Iran will not be pressurized by falling oil prices.”

Over the past few months, international oil prices have sunken more than 50 pct. due to an surplus of supplies by some oil-producing countries including Saudi Arabia.

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