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December 11, 2014 10:22 am

Iranian President Rouhani Says Fall in Oil Prices is ‘Treachery’

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Iranian President Hassan Rouhani.

Fox NY/Associated Press – Iran’s President Hassan Rouhani said Wednesday that the sharp fall in global oil prices is the result of “treachery,” in an apparent reference to regional rival Saudi Arabia, which opposed production cuts.

Oil prices have plunged by more than 40 percent since June to around $65 a barrel, placing severe strain on Iran’s economy, which is already hobbled by international sanctions imposed over its nuclear program. An OPEC meeting last month failed to reach agreement on production curbs, mainly because of Saudi opposition.

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