Iran President Says Oil Drop to Hurt Saudi Arabia, Kuwait - Bloomberg

Iran President Says Oil Drop to Hurt Saudi Arabia, Kuwait - Bloomberg:



"Oil’s price slump may hurt Saudi Arabia and Kuwait more than Iran, which depends less on crude exports than the other two nations, Iranian President Hassan Rouhani said.



Countries responsible for the drop in oil prices will “regret it,” Rouhani said in an address in Bushehr province, without identifying them. “If Iran suffers from declining oil prices, know that other oil-producing countries such as Kuwait and Saudi Arabia will suffer more than Iran,” Rouhani said.



Saudi Arabia, the world’s largest crude exporter, and neighboring Kuwait opposed Iran’s unsuccessful effort to persuade the Organization of Petroleum Exporting Countries to cut output at their Nov. 27 meeting. Iran’s crude exports have been curbed by international sanctions imposed because of the country’s nuclear program. It produced 2.77 million barrels a day of oil in December, down from an average of 3.58 million in 2011, according to data compiled by Bloomberg."



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