Tehran Unfazed by US-Saudi Scheme to Depress Oil Prices

An Iranian Energy Commissioner accused Washington and Riyadh of using the oil price drop as pressure on Tehran. However, he described this measure as futile beacause Iran had reduced its dependence on oil revenues.

MOSCOW, December 2 (Sputnik) — Iran will not succumb to US and Saudi Arabian pressure on its energy sector in the wake of record low crude prices since Tehran has been weaning itself off oil revenues, Iranian Energy Commission spokesman Hossein Amiri Khamkani said Tuesday.

Speaking to the country's state-run news agency IRNA, Khamkani accused Washington and Riyadh of orchestrating the current oil price slump for political reasons.

He said the two allies were imposing additional pressures on Tehran by cutting oil prices, but described this approach as futile, since Iran had long reduced its dependence on oil revenues.

Brent crude oil price fell to a five-year low of $68 per barrel on Monday, following a decision made by the Organization of the Petroleum Exporting Countries (OPEC) not to reduce oil production.

Energy ministers of the 12-nation OPEC met for the organization's 166th summit in Vienna last week, where a production ceiling of 30 million barrels a day was decided. Iran was among the nations calling for a reduction in output, while Gulf Arab states, such as Saudi Arabia, insisted it should remain unchanged.

Oil prices have been falling steadily over the past five months. The 30-percent drop in crude prices over the past few months has led to calls for OPEC to defend oil prices as they approach $60.