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Rohani Says Saudi Arabia, Kuwait To Suffer From Oil Price Fall

Iranian President Hassan Rohani has blamed other oil-producing countries for the fall in global oil prices and said they will "regret" their actions.

Rohani made the comments in a speech in the city of Bushehr on January 13.

Oil prices have plunged by 60 percent on international markets since June, driven down by rising production and weak demand in Europe and Asia.

Much of the decline in prices has come since late November, when Saudi Arabia blocked calls from poorer members of the Organization of Petroleum Exporting Countries (OPEC) to cut the group's output in order to increase prices.

"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," Rohani said.

According to Reuters news agency, oil accounted for some 90 percent of Saudi Arabia's overall budget income in 2013, and 92 percent of Kuwait's.

Rohani said one-third of Iran's budget is based on oil sales, with an estimated 60 percent of the country's exports tied to oil.

Based on reporting by Reuters