Sat | Oct 20, 2018

Oil price worries Venezuela, Iran

Published:Sunday | January 11, 2015 | 12:00 AM


Iran and Venezuela vowed yesterday to work together to stabilise falling global oil prices, as Iran's supreme leader accused "enemies" of using crude prices as a political weapon.

With Venezuelan President Nicolás Maduro by his side, Iranian President Hassan Rouhani urged OPEC members to "neutralise schemes by some powers against OPEC and help stabilise an acceptable oil price in 2015". Maduro also called for OPEC's cooperation in stabilising oil prices.

Both Iran and Venezuela rely on oil prices to boost their respective economies. Oil prices have plunged more than 55 per cent since June to less than US$50 a barrel, placing a severe strain on the two countries.

Maduro is touring several OPEC nations to drum up support for a production cut to boost prices. He is to visit Saudi Arabia, the world's biggest oil exporter, to discuss the oil market slump.