Daily blames S.Arabia for oil market plunge

Tehran, Dec 7, IRNA - 'Iran Daily' on Sunday criticized S.Arabia for playing a key role in decreasing oil prices in global markets and threatening the interests of Islamic countries by adopting wrong policies. Iran needs to thus reduce its economic dependence on oil, which has grown into a chronic problem, in order to neutralize such moves by other states, suggested the English-language paper in its Opinion column. The paper reminded the Arab kingdom that it is in fact is dealing a blow to Muslim nations especially the Islamic Republic of Iran on behalf of arrogant powers, the United States in particular, and the enemies of Islam. Unfortunately, Iran’s enemies know very well that the country is struggling with economic problems and is largely dependent on oil revenues. Saudi Arabia's move clearly indicates that it is desperately trying to hinder Iran’s progress and prevent it from becoming a role model for other countries, pointed out the daily. The Arab state is now the world’s top crude producer and officially sells more than nine million barrels of oil per day whereas in reality this quantity is up to 11 million barrels. Riyadh and its Persian Gulf allies in OPEC decided not to cut the organization’s oil production under US pressure for certain reasons, one of which seems to be to force Russia to back off against the West over the crisis in Ukraine. Saudi Arabia spends a considerable amount of its oil revenues on purchasing weapons and military equipment from Western countries. This is a waste of money since the Arab country does not seek to attack or defend itself against the enemies of Islam, especially Israel. By doing so, it seems that Riyadh, is out to use the weapons against its own people. In light of the above, Iran should invest more in its non-oil industries, boost the export of non-oil goods and seek to levy progressive taxation in order to reduce its dependence on oil earnings, the paper wrote in conclusion. *The writer of this article is Iranian lawmaker, Naser Soudani* **1425