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.}<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Rouhani was meeting with Maduro when he again appeared to point the finger at Riyadh, in remarks carried on the Iranian government’s website.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
According to the official remarks, Maduro echoed Rouhani, “calling for the cooperation of oil exporting countries to bring back stability.”<\/p>\n
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.<\/p>\n
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.”<\/p>\n
“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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Maduro travelled to China this week in search of investment and said he secured $20 billion.<\/p>\n
“Iran can cooperate to remove Venezuela’s needs in housing, road construction, food products and medicine,” Rouhani added Saturday.<\/p>\n","protected":false},"excerpt":{"rendered":"
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