Iran's President Hassan Rouhani says the sharp fall in oil prices is the result of "treachery," in an apparent reference to regional rival Saudi Arabia, which opposed production cuts to lift prices.

According to the Associated Press, Rouhani told a Cabinet meeting Wednesday, Dec 10, that the fall in prices is "politically motivated" and a "conspiracy against the interests of the region, the Muslim people and the Muslim world."

"The people of the region will not forget such conspiracies, or in other words, treachery against the Muslim world," he said.

Oil prices have plunged by more than 40 percent since June to less than $70 a barrel. An OPEC meeting last month failed to reach agreement on production curbs, mainly because of Saudi opposition. Iran's sanctions-hit economy is largely dependent on petroleum exports.