“The fall in crude price is not merely an economic issue. Rather, it is caused by a plot and political planning by certain countries,” Rouhani said at his Wednesday cabinet meeting.

“The oil price drop is a plot against the regional people and Muslims which merely benefits some other countries,” he added.

Rouhani warned that the regional people will always remember such moves, and those behind the plot will be most hated in the Muslim world.

He assured the Iranian nation that the administration is capable of running the country based on the current level of crude price and described the present circumstances as an opportunity to reduce the dependency of the country's budget on oil revenues.

Oil prices have continued a downward trend throughout 2014 over concerns about global economic recovery and strength of US dollar which makes crude more expensive for international investors.

Meanwhile, analysts say Saudi Arabia’s decision to reduce crude prices is part of a US scenario to harm the economies of countries such as Russia, Iran and Venezuela which have drafted their national budgets based on the price level of USD 100 per barrel.