International

Iranian President Hassan Rouhani said on Tuesday that countries behind the fall in global oil prices would regret their decision and warned that Saudi Arabia and Kuwait would suffer alongside Iran from the price drop.

"Those that have planned to decrease the prices against other countries will regret this decision," Rouhani said in a speech broadcast on state television as oil plunged to near six year lows on international markets. [O/R]

"If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran," he added.

Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly of U.S. shale oil, and weaker-than-expected demand in Europe and Asia.

Earlier this month, Iran described Saudi Arabia's inaction in the face of the six-month price slide as a strategic mistake, but hoped that the kingdom, Tehran's main rival in the Gulf, would respond.

On Tuesday, Rouhani singled out Kuwait and Saudi Arabia's budget dependency on oil exports.

Data showed that 80 percent of Saudi Arabia's budget is based on oil sales, while in Kuwait the figure stands at 95 percent, he said in a speech in the city of Bushehr.