Iran, Venezuela Vow to 'Neutralize' Oil Price Problem

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Iran's President Hassan Rouhani, flanked by Venezuelan counterpart Nicolas Maduro, vowed Saturday to "neutralize" the threat posed to both countries by plummeting oil prices, in a barely veiled broadside at Saudi Arabia.

OPEC members Iran and Venezuela are reeling from a slide in the cost of crude to around $50 per barrel from $100 just six months ago, a precipitous fall that is straining their budgets.

Losses accelerated after the Organization of Petroleum Exporting Countries cartel, of which Iran and Venezuela are founders, chose late last year not to cut output despite lower prices and oversupply.

Rouhani, his oil minister and other top officials in Tehran have criticized fellow OPEC member Saudi Arabia for not supporting steps to support higher crude prices.

Rouhani was meeting with Maduro when he again appeared to point the finger at Riyadh, in remarks carried on the Iranian government's website.

"Without doubt, cooperation of countries that are on the same line in OPEC can neutralize the plans of some powers who are against OPEC, stabilizing a reasonable price for oil in 2015," Rouhani said.

Maduro arrived in Tehran late Friday, accompanied by his ministers for oil, foreign affairs, finance and industry, plus Venezuela's Central Bank chief, on what Iranian state media said would be a 24-hour trip.

According to the official remarks, Maduro echoed Rouhani, "calling for the cooperation of oil exporting countries to bring back stability."

Iran's supreme leader, Ayatollah Ali Khamenei, also met Maduro and denounced what he called "the bizarre decrease of oil prices in such a short time."

"This can only be a political act... Our enemies use petrol as a political lever and have certainly a role to play in the lowering of prices," he said in reference to Saudi Arabia and the United States.

Iran's present budget was based on an oil price of $100, leaving a big shortfall in recent months. In December, Tehran unveiled a draft budget for next year based predicated on $70 per barrel.

Iran and Venezuela pledged to reach agreements during Maduro's trip that would "expand trade and investment, export of technical and engineering services and collaboration in pharmaceuticals."

"Venezuela can be a suitable base for the export of Iran's goods and services to Latin American countries," said Rouhani, who is seeking to reduce Iran's reliance on oil sales by boosting non-oil exports.

Venezuela has the world's largest proven oil reserves but its economy -- 96 percent of the government's foreign currency comes from crude -- has been gutted by inflation and basic goods shortages.

In late December, recession-hit Venezuela reported that inflation for the 12 months to November topped 63 percent -- one of the highest rates in the world.

Maduro traveled to China this week in search of investment and said he secured $20 billion.

"Iran can cooperate to remove Venezuela's needs in housing, road construction, food products and medicine," Rouhani added Saturday.

Comments 66
Default-user-icon Mike Gilmer (Guest) 10 January 2015, 15:53

Iran worries me. They are completely nuts and very evil. I am not worried about Venezuela. Maduro is a fool and his country is collapsing around him. It is only a matter of time before he buys a bullet.

Default-user-icon Butch (Guest) 10 January 2015, 16:19

You guys can't do squat about oil prices. Just bit players Venezuela is a basket case

Default-user-icon haywood jablome (Guest) 10 January 2015, 16:31

Sounds like the blind and stupid leading the blind and stupid

Default-user-icon xsnake (Guest) 10 January 2015, 16:35

If American presidents (starting with Mr. Nixon), used their "powers of persuasion" on OPEC decades ago, we would've had "supply/demand" prices ever since.

Default-user-icon Chuck (Guest) 10 January 2015, 16:36

We sent a loan of 3 billion to them when Obama shut down drilling in the Gulf. That caused our drilling rigs to move to Venezuela. We lost jobs, money, oil and supported a vengeful dictatorship doing all of this. Nice job people.

Default-user-icon Tanya (Guest) 10 January 2015, 16:43

I think gas and oil prices are great for the consumer. Really don't have any pity for the people who are not making their usual millions off of the consumer.

Default-user-icon ron (Guest) 10 January 2015, 17:03

What is the "reasonable" price of oil? Certainly debatable, but also certainly not based on what Iran and Venezuela need to support their corrupt governments.

Default-user-icon ron (Guest) 10 January 2015, 17:04

what is a "reasonable" price for oil? Depends on who you ask, but it's certainly not based on what the budgets of Iran and Venezuela require to support their corrupt governments.

Default-user-icon Don Smith (Guest) 10 January 2015, 17:14

So when oil was well over $100 per barrel for 2 years what did Venezuela do with that money? Obviously they squandered it. The biblical answer is to store the excess in times of plenty and use that storage in times of famine or need. If Joseph did it in Egypt then Maduro could have done it in modern day Venezuela. Ha..."leaders".

Default-user-icon Ozzonelayyer (Guest) 10 January 2015, 17:24

Iran and Venezuela can pound sand. Anything that hurts them helps the rest of the world.

Default-user-icon Andrew (Guest) 10 January 2015, 17:26

Let us hope both of those parasitic corrupt kleptocracies suffer violent revolutions. Obama by blocking oil imports from our ally Canada, through to Keystone XL Pipeline, is doing his best to prop up both of those tyrannical regimes.

Default-user-icon Steve Kittel (Guest) 10 January 2015, 17:31

America buys most of Venezuela's crude, since it's so thick our refineries are some of the only that can consistently refine it. In hindsight, was it smart for Chavez (and Maduro for that matter) to alienate the US gov't so badly? Chavez really could have embraced Obama. Now all these countries, Russia too, that are so heavily reliant on us to keep the demand as strong as the supply, are experiencing inflation, budget shortfalls, lack of goods, etc. But the leaders have bucked the US time after time, well now they'll pay the price for not innovating new exports for their countries. So...where's Sean Penn and Kevin Spacey now? And Fidel? Some think he's dead. While so many thought America was finished, they're realizing we're just getting started! And if you think this is bad, wait till a Republican is in the White House after the next election.

Default-user-icon Morris Minor (Guest) 10 January 2015, 17:40

What would happen to Iran and Venezuela (and Russia) if the U.S. increased its production when OPEC finally cuts theirs?

Default-user-icon Chuck (Guest) 10 January 2015, 18:50

LOL, one controlled extraction economy is trying to help another controlled extraction economy...we all know how well extraction economies work out but they wish to compound the stupidity by linking each other tighter?

Default-user-icon marky (Guest) 10 January 2015, 18:51

Perhaps, Iran can sell their head scarfs to the Venezuelans so that the Venezuelans can use them as toilet paper. Not sure how Venezuelans will pay for it since they do not even have sufficient hard currency to purchase toilet paper or laundry soap on the open market.

Default-user-icon ihatearabs (Guest) 10 January 2015, 18:55

sand kneegrows can all just die

Default-user-icon rick (Guest) 10 January 2015, 19:14

Yet gas prices in America should remain low because we should keep all the oil we produce. Any American company that sell oil outside America and causes the price to go up should be shot as Un-American.

Default-user-icon Manual (Guest) 10 January 2015, 19:33

Maduro should simply pass a law making oil more expensive, then put his military in control of oil and *Poof!* problem solved! That method is working well in his own country where every grocery store is brimming with choices....


All kidding aside, Maduro needs to die a painful death so his people can recover from the socialist dictatorship that is killing them.

Default-user-icon Patton (Guest) 10 January 2015, 19:42

There should be "stability" $20 a barrel. Saudi Arabia and the US are concerned Iran, Venezuela and Russia's economic woes. Too bad, so sad.

Default-user-icon LaurieBay (Guest) 10 January 2015, 19:49

So....Iran and Venezuela. Show us all. Cut your oil production.
Refuse to sell it at $49 a barrel. Stop the pumps.
Go ahead...

Default-user-icon Kevin Dickson (Guest) 10 January 2015, 20:13

You can neutralize whatever you want....the fact is.....we don't need your freaking oil anymore. Booyaa!!

Default-user-icon Wrong House (Guest) 10 January 2015, 20:17

The sooner we get away from relying on other countries that hate us the better. They can drink their oil for all I care.

Default-user-icon JV (Guest) 10 January 2015, 21:51

Two staggering drunks trying to help each other across the street

Default-user-icon Royce (Guest) 10 January 2015, 22:01

Anything that undermines the governments of Iran and Venezuela can't be all bad, so we should be thankful to Saudia Arabia for their actions.

Thumb charlesmartel 10 January 2015, 22:07

bankrupted countries unite... toxic assets in the making HAHAHHAHAHA
garbage of Americas + garbage of Middle East = a bigger Garbage

Default-user-icon feldspahr (Guest) 10 January 2015, 23:18

"a garbage"? Really-- was your "education" free?

Default-user-icon SirDiesAlot (Guest) 11 January 2015, 13:27

WTF are you even talking about? @charlesmartel

Default-user-icon Infidel (Guest) 10 January 2015, 22:32

I recommend you don't educate yourselves, work hard, and diversify your economy, but double your daily prayers and have more fatwas.

Default-user-icon Jake (Guest) 10 January 2015, 22:33

They don't even have toilet paper and they are going to do what????

Default-user-icon Mike T (Guest) 10 January 2015, 22:45

Pretty darn funny hearing these countries belly-aching about using oil as a "political weapon."

Default-user-icon Jerry Seinfeld (Guest) 10 January 2015, 22:50

Thats a shame.

Default-user-icon Nannu (Guest) 10 January 2015, 22:56

Should these people not also blame the climate change cabal and their UN enablers?

Default-user-icon Chuck Wage (Guest) 10 January 2015, 23:06

Maybe Sean Penn, Danny Glover or Hussein Obama would like to comment on how well these communist economies are performing. Since all three have praised these countries, I'm sure they are very proud.

Default-user-icon chinch bug (Guest) 10 January 2015, 23:19

Where's Rep. Joe Kennedy now, marketing Venezuela's largess to keep America's "poor" from freezing to death this winter?

Default-user-icon me (Guest) 10 January 2015, 23:32


Default-user-icon The Great Kazoo (Guest) 10 January 2015, 23:42

Maybe they can collaborate on a new petroleum based soft drink...
The could call it Blather Cola - poor taste & only half the prophets :)~
That'll give them something to do with all that excess oil.

Default-user-icon charles (Guest) 10 January 2015, 23:58

Thank you jimmy carter. you gave iran to the ayatollahs because the Shah put some protestors in jail. The ayatollahs are a thousand times worse and are doing everything possible to harm the US, and western civilization while assisting our enemies, Venezuela, communist china etc.

Default-user-icon MrP (Guest) 11 January 2015, 00:08

Shouldn't have put all their socialist eggs in one basket.

Default-user-icon ObamasCigarette (Guest) 11 January 2015, 00:09

Yes, Iran. You will find a reloable partner in Venezuala. LOL

Default-user-icon JJ (Guest) 11 January 2015, 00:09

We don't need your oil, Iran. We now have more than enough of our own. Thanks for playing though... little mullahs.

Default-user-icon wonder (Guest) 11 January 2015, 00:10


Default-user-icon St. Joe Blues (Guest) 11 January 2015, 00:30

"This can only be a political act... Our enemies use petrol as a political lever and have certainly a role to play in the lowering of prices," he said in reference to Saudi Arabia and the United States.

Yeah, like OPEC hasn't done this before. Pot, meet kettle.

Default-user-icon Bernie (Guest) 11 January 2015, 00:52

"Venezuela has the world's largest proven oil reserves but its economy -- 96 percent of the government's foreign currency comes from crude -- has been gutted by inflation and basic goods shortages."
This is typical for socialist/communist dictatorships because there is no need to produce profits or control losses when the government owns the means of production - they simply increase taxes to make up for any losses. This typically leads to higher prices and product shortages. If Venezuela and Iran's oil monopolies can't compete with free market capitalism, maybe they should consider replacing their socialist government dictatorships with ones that increase production of goods and increases individual prosperity and liberty.

Default-user-icon john (Guest) 11 January 2015, 01:08

Low prices are to continue due to the rise of USA petroleum. Iran, Russia and Venezuela can eat oil for breakfast lynch and dinner for all I care. I expect the Suadis to be the recipients of war if the don't raise prices. What better way to increase the cist of oil than to attack Arabia.

Default-user-icon oracle2world (Guest) 11 January 2015, 01:42

"Neutralize"? lol They did not complain when supply and demand raised the price of oil.

Default-user-icon Terry2u (Guest) 11 January 2015, 01:43

Boo,Hoo,Hoo... I'm certainly crying all these crocodile tears for OPEC. It's about time they get some of their own medicine back, handed to them on a silver platter. This is what happens when you try to screw over the public. It comes back to you in spades...

Default-user-icon Bruce (Guest) 11 January 2015, 02:46

Venezuela and Iran are paying the price for constantly calling on Saudi Arabia to decrease their production and market share in order to keep prices high while both these countries over produce and will and never have to accept a loss. It was only a matter of time until the Saudis got tired of taking loss after loss while other members of OPEC come out on the plus side of the ledger every year. Venezuela and Iran are also suffering because they've wasted their oil revenues on military build ups and maintaining political power instead of investing in diversifying their economies, so doom on them.

Default-user-icon Claire Alexander (Guest) 11 January 2015, 03:45

There is nothing they can do to bring the price of oil back up to one hundred dollars a barrel. The world is awash in oil and the demand for that oil has fallen as most of the world's economies are stagnant or showing very little growth. Nothing will stop the fracking used in the United States to produce hundreds of millions of barrels of oil every year. We have only begun to tap our enormous reserves of shale oil and natural gas. Those reserves will insure the future prosperity of the United States. With our own oil, the shale oil from Canada and the oil we import from Mexico our country will soon see no reason to import any oil from the Middle East.

Default-user-icon kennymac (Guest) 11 January 2015, 03:52

"Venezuela has the world's largest proven oil reserves but its economy -- 96 percent of the government's foreign currency comes from crude -- has been gutted by inflation and basic goods shortages."

No, Venezuela's economy has been gutted by Socialist policies. Socialism always ends in poverty and misery. The inflation and shortages are symptoms, not causes.

Default-user-icon Thor (Guest) 11 January 2015, 03:55

If Iran would stop wasting money on nuclear weapons then they wouldn't be broke. Furthermore, Saudi Arabia wouldn't be fisting them. Venezuela is in such bad shape. They can't do a thing to crawl out of the mess of their own making.

Default-user-icon Ken (Guest) 11 January 2015, 04:34

There should be no problems in socialist paradise Venezuala. The American Democrats promised us that the socialists of Venezuala had the answers.

Default-user-icon Jay (Guest) 11 January 2015, 05:33

"Who said we don't have a pot to piss in?"
We just traded pots. Oil at$20 by June.

Default-user-icon upallnight390 (Guest) 11 January 2015, 05:44

Christmas all over again.

Default-user-icon Dale Musser (Guest) 11 January 2015, 07:00

Iran, Venezuela and Russia didn't have any problem using their highly inflated oil prices against the United States in an effort to weaken and hurt us so I see no reason to feel sorry in any way turning that around and seeing them hurting now that the USA and Saudi Arabia have managed to bring the oil prices back down to a level that is reasonable.

Default-user-icon Big Bear (Guest) 11 January 2015, 07:03

Russia will have their back. I can only hope that this is it. The Mighty Microchip gets fried and we roll the clock back a century. Locked, loaded, level and surrounded by likewise.

Default-user-icon Its2005 (Guest) 11 January 2015, 07:52

"....stabilizing a reasonable price for oil in 2015," Rouhani said.
The price has been unreasonable since around 1974.
The present price has been 40 years in the making.

Default-user-icon Mecki (Guest) 11 January 2015, 07:55

It's so sad to see countries cry who have been ripping us off for years. We all would like to produce a product for $2.00 and sell it for $100.00, but competition usually gets in the way. Obama has tried his best to hold the price up there stabbing the little guy in the back. Thank heaven for the American businessman who followed Hannity's Drill Baby Drill!

Default-user-icon Lee (Guest) 11 January 2015, 12:20

It is simple for me. I like low fuel prices. Let the OPEC princes and the world energy millionaire live in something less than 50 Million-dollar palaces and mansions.

Default-user-icon Spencer (Guest) 11 January 2015, 15:11

sadly, I know there is already an industry that makes products for 2$ and sells for 100$ or more, it is called the generic drug business. I love the fact that oil has gone down, but look at the price differences in a metication called clobetasol cream. Talk about collusion!

Default-user-icon weedmic (Guest) 11 January 2015, 10:27

Let's see if the US (and other free nations) are selling oil at $40/barrel and some new Cartel is selling it at $50 - exactly how is that going to get them customers?

Default-user-icon bob (Guest) 11 January 2015, 10:33

sure this is all a ploy to put all the american companies drilling now out of business by driving the price down. once that happens they will be free to charge whatever they want again for another few years. gas may drop for a year or two, but then it will probably go up to 5+/gal again. they'll get greedy enough eventually that soon the next best alternative becomes the best thing and opec's can go back to the 3rd-world sand-box crap-hole of a countries they were because they don't know how to make anything else of value. i.e. if they charge 1 million per barrel, it would become cheaper to run your vehicle off some expensive liquor or propane, or whatever.

Default-user-icon Unhacked (Guest) 11 January 2015, 14:53

Dictatorships aren't doing well with some free market (semi) competition. Well, the reason why the low crude prices hurt your government controlled economy, is because you dictators refuse to let your citizens enjoy capitalism, so oil is your only export. So lets put the blame on low crude oil prices where it belongs,----citizen owned (semi) capitalism.

Default-user-icon Obamasux (Guest) 11 January 2015, 15:53

Start selling oil in a currency other than the dollar. That will being down the price in a hurry.

Default-user-icon doug (Guest) 11 January 2015, 16:37

I think instead of propping up despots around the world The government of the USA should open up drilling and subsidize the shale oil so we can export at the lower price and bankrupt our competition. Then we would have no Muslim and socialist threat.

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Default-user-icon Pro_sanity (Guest) 11 January 2015, 17:00

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