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Iranian Official Urges Saudis To Act To Stop Oil Price Slide

An Iranian Foreign Ministry official says falling oil prices will hurt Middle Eastern countries and Saudi Arabia's decision not to reduce production is a mistake.

Deputy Foreign Minister Hossein Amir Abdollahian told Reuters in an interview published on January 1 that Tehran is hopeful that Saudi Arabia -- the world's largest oil exporter -- will take action to stop the slide in oil prices.

World oil prices ended 2014 at a 5 1/2-year low, with the price for a barrel of oil decreasing nearly 50 percent since June.

The Organization for Petroleum Exporting Countries (OPEC), which is led by Saudi Arabia, has declined to reduce production amid the slump in prices and calls by some OPEC members -- such as Iran and Venezuela -- for the cartel to reduce output.

Abdollahian said Iran would have more discussions with Saudi Arabia about the price of oil, but gave no details.

Based on reporting by Reuters