Iranian minister blames drop in oil price on OPEC "political conspiracy"
Iran's oil minister Bijan Zanganeh has blamed the drop in oil prices on a "political conspiracy", hinting that the Islamic Republic may keep up pressure on the Organisation of Petroleum Exporting Countries (OPEC) to launch a price-boosting production cut.
Both Iran and Venezuela tried to convince OPEC to reduce its production ceiling from 30m barrels per day at the cartel's last meeting in Vienna in November.
Saudi Arabia, whose oil industry remains profitable despite the sharp fall in oil prices, shot down the plan. The Gulf state sees the situation as a way to reduce the market share held by Russia and US shale oil drillers by putting them under cost pressure.
Brent crude gained almost 2% on Thursday to $62.31 per barrel in early morning trading. However the benchmark has lost around 45% of its value since June following a global oversupply and weakening demand growth for the commodity.
Iran's economy has been crippled by years of sanctions, which have led to hyper-inflation and undermined its oil industry. Its economy is likely to suffer further as the global oil index hovers around a price of $60 per barrel.