Iran: We Will Hold More Negotiations with Saudi Arabia on Oil Prices

Iran's Deputy Foreign Minister stated in an interview with Reuters that Saudi Arabia's lack of cooperation in preventing a drop in oil prices would be a "strategic mistake," and Tehran will hold further negotiations with Riyadh on this matter. Hossein Amir Abdollahian, Deputy Minister for Arab and African Affairs, said in this exclusive interview: If Saudi Arabia does not reduce its oil production, the decline in global prices will harm the economies of Middle Eastern countries. According to Reuters on Thursday, January 1, he said that Saudi Arabia's inaction in the face of a significant drop in oil prices over the past six months is a "strategic mistake" and expressed hope that the Kingdom of Saudi Arabia would not remain silent in this situation. Global oil prices have now reached their lowest level since 2009, and the failure of the 12 OPEC members to agree on a production ceiling reduction in November caused another shock to the market and accelerated the decline in oil prices. Oil prices have fallen from $110 in the summer to below $60. On Thursday, Brent crude was priced at $57.33 and West Texas Intermediate, the U.S. benchmark, at $53.27. Iran and Venezuela strongly emphasize the need for OPEC production cuts, while Saudi Arabia argues that reducing production would quickly allow other oil producers to fill the gap left by OPEC in global markets. Amir Abdollahian stated that there are several reasons for the decline in global oil prices, but Riyadh could play a constructive role in this context. He warned that if Saudi Arabia does not help stop the decline in oil prices, it would be a serious mistake with negative consequences for all countries in the region. Reuters notes that the remarks by the Iranian Deputy Foreign Minister highlight the ongoing tensions between Shia Iran and Sunni Saudi Arabia, which have become rivals for influence in the region, although hopes for improved relations between the two countries have increased since Hassan Rouhani took office a year and a half ago. Abdollahian further stated that Iran will hold more negotiations with Saudi Arabia regarding oil prices, both at the level of foreign ministers and oil ministers. However, he refrained from providing further details about the specifics and timing of the negotiations. Criticism of Saudi Arabia's role in Bahrain: The Iranian Deputy Foreign Minister also strongly criticized Saudi Arabia's military intervention in the Bahrain crisis that began in 2011. The majority of Bahrain's citizens are Shia and seek a greater share in a government currently held by a Sunni minority. They also demand reforms in the country's administration. Abdollahian stated that the continued detention of Sheikh Ali Salman, the leader of Bahrain's Shia, will have serious consequences for the country. Reuters writes that the confrontation and mutual accusations between Saudi Arabia and Iran do not end with Bahrain, as the two countries also support opposing factions in Syria, Iraq, Lebanon, and Yemen. This Iranian official also commented on the U.S.-led coalition's attacks on the positions of the Islamic State group in Iraq and Syria, stating that the U.S. does not genuinely seek to destroy this group. He said, "The U.S. neither wants to destroy ISIS nor weaken it; it only wants to keep this group under its control." The U.S., along with a coalition of Western and Arab countries, has launched airstrikes against ISIS positions in recent months, and areas in Iraq have so far been liberated from the control of this extremist Islamic group. Reuters notes that Iran has also sent Revolutionary Guard forces to assist the Shia government in Iraq in the fight against ISIS; however, Abdollahian denied any Iranian airstrikes against ISIS positions. He stated that the U.S. should have taken the initiative in the fight against ISIS, while current actions (airstrikes) by the U.S. are not serious. This Iranian official accused the U.S. of supporting ISIS one day and taking action against terrorism the next. He also emphasized Iran's continued commitment to support Bashar al-Assad's government. Abdollahian criticized the new U.S. sanctions against individuals and companies in Iran, stating that such actions would negatively impact nuclear negotiations. The U.S. and Western countries have committed under the Geneva nuclear agreement not to impose new sanctions against Iran, but sanctions against individuals or companies that circumvent or violate existing sanctions have been put on the agenda. In the latest case, on January 1, the U.S. Treasury added nine new individuals and companies to its blacklist for violating Iran's sanctions.