BREAKING NEWS

Iran pledges to help Venezuela to stem oil price fall

By REUTERS

JANUARY 10, 2015 22:43

DUBAI - Iran's supreme leader Ayatollah Ali Khamenei told Venezuela's president on Saturday he backed coordinated action between Tehran and Caracas to reverse a rapid fall in global oil prices which he described as a "political ploy hatched by common enemies."

President Nicholas Maduro is on a tour of fellow OPEC countries to lobby for higher oil prices, which hit new lows last week below $50 per barrel, nearly half of what they were back in June 2014.

The plunge in crude prices has pummel the public finances of Iran and Venezuela, whose economies rely heavily on oil exports.

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