Arab Today, arab today iran venezuela vow to neutralise oil price problem
Last Updated : GMT 16:47:30
Arab Today, arab today
Arab Today, arab today

Iran, Venezuela vow to 'neutralise' oil price problem

Arab Today, arab today

Arab Today, arab today Iran, Venezuela vow to 'neutralise' oil price problem

Iranian President Hassan Rouhani (L)
Tehran - AFP

Iran's President Hassan Rouhani, flanked by Venezuelan counterpart Nicolas Maduro, vowed Saturday to "neutralise" the threat posed to both countries by plummeting oil prices, in a barely veiled broadside at Saudi Arabia.
OPEC members Iran and Venezuela are reeling from a slide in the cost of crude to around $50 per barrel from $100 just six months ago, a precipitous fall that is straining their budgets.
Losses accelerated after the Organisation of Petroleum Exporting Countries cartel, of which Iran and Venezuela are founders, chose late last year not to cut output despite lower prices and oversupply.
Rouhani, his oil minister and other top officials in Tehran have criticised fellow OPEC member Saudi Arabia for not supporting steps to support higher crude prices.
Rouhani was meeting with Maduro when he again appeared to point the finger at Riyadh, in remarks carried on the Iranian government's website.
"Without doubt, cooperation of countries that are on the same line in OPEC can neutralise the plans of some powers who are against OPEC, stabilising a reasonable price for oil in 2015," Rouhani said.
Maduro arrived in Tehran late Friday, accompanied by his ministers for oil, foreign affairs, finance and industry, plus Venezuela's Central Bank chief, on what Iranian state media said would be a 24-hour trip.
According to the official remarks, Maduro echoed Rouhani, "calling for the cooperation of oil exporting countries to bring back stability."
Iran's supreme leader, Ayatollah Ali Khamenei, also met Maduro and denounced what he called "the bizarre decrease of oil prices in such a short time."
"This can only be a political act... Our enemies use petrol as a political lever and have certainly a role to play in the lowering of prices," he said in reference to Saudi Arabia and the United States.
Iran's present budget was based on an oil price of $100, leaving a big shortfall in recent months. In December, Tehran unveiled a draft budget for next year based predicated on $70 per barrel.
Iran and Venezuela pledged to reach agreements during Maduro's trip that would "expand trade and investment, export of technical and engineering services and collaboration in pharmaceuticals."
"Venezuela can be a suitable base for the export of Iran's goods and services to Latin American countries," said Rouhani, who is seeking to reduce Iran's reliance on oil sales by boosting non-oil exports.
Venezuela has the world's largest proven oil reserves but its economy -- 96 percent of the government's foreign currency comes from crude -- has been gutted by inflation and basic goods shortages.
In late December, recession-hit Venezuela reported that inflation for the 12 months to November topped 63 percent -- one of the highest rates in the world.
Maduro travelled to China this week in search of investment and said he secured $20 billion.
"Iran can cooperate to remove Venezuela's needs in housing, road construction, food products and medicine," Rouhani added Saturday.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today iran venezuela vow to neutralise oil price problem Arab Today, arab today iran venezuela vow to neutralise oil price problem

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom,China plunges into biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom,China plunges into biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 21:32 2017 Friday ,24 February

Dubai announces crude oil price for May

GMT 13:37 2017 Thursday ,23 February

Oman oil price rises 30 cents

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday