Oil price drop a conspiracy, Iran’s president says

While describing the slump in oil prices as a plot against Middle East producers, Iran's president said Wednesday it's time to wean the budget from oil.
"The slide in crude oil prices is not merely an economic issue, and it stems from a conspiracy and political planning by certain countries," President Hassan Rouhani said.
Price variances among the 12 blends from the Organization of Petroleum Exporting Countries are seen by some as a sign of internal rivalries among producers that can withstand lower oil prices and those that can't.
Western economic sanctions on Iran's energy sector are already impacting the health of the Iranian economy. For fiscal year 2013-14, the World Bank estimates the Iranian economy has contracted at an annual rate of 1.7 percent.

This post was published at UPI