Iran Postpones Visit of Foreign Minister to Saudi Arabia
The visit of the Foreign Minister of Iran, Mohammad Javad Zarif to Saudi Arabia was postponed due to a discord between the two nations over Riyadh's unwillingness to trim down the oil production rate said the deputy foreign minister of Iran for Arab and African affairs, Hossein Amir-Abdollahian on Sunday.
The meeting between the foreign ministers of Iran and Saudi Arabia, both members of the OPEC was simply delayed in relation to a disagreement generating over an issue related to the declining prices of crude oil.
Iranian President, Hassan Rouhani said last week, that the nations which stand behind the reason related to the drop of the oil prices globally will surely regret their decision. He also warned that Saudi Arabia as well as Kuwait will suffer from the fall in oil prices along with Iran.
The price of crude oil has gone down by 60 percent starting from the peaks which it reached in June 2014. The prices of crude have been lowered mainly due to excessive production of oil, mostly the U. S shale. On top of it even the weak demand from European and Asian countries have also played their parts in the drop in price.
However, the OPEC members, which also include Saudi Arabia, which is the largest producer of oil in the team, last year decided not to bring down the output levels in spite of the slowing economies.
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