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.