Iran to withstand losses in crude price slump: president

Iran will withstand the losses pertaining to oil price slump in the market and will move out of the current situation, Iranian President Hassan Rouhani said on Tuesday.

"They suppose that they have exposed Iran to a new problem," Rouhani said. "But you should know that those who have plotted crude price slump against some countries (including Iran) will regret it."

The drop in oil prices cannot be continued for a long time and "Iran will not remain under this pressure," the Iranian president said, addressing a large group of people in the Persian Gulf province of Bushehr.

Crude prices has tumbled almost 50 percent to be traded below 50 U.S. dollars per barrel recently.

Iran's economy is heavily reliant on crude exports. Beside the losses from slumping oil prices, Iran's crude exports have fallen 60 percent to 1 million barrels a day due to Western sanctions on its energy and financial sectors.

The United States and its Western allies suspect that Iran's disputed nuclear program might have weapon-grade dimensions, while the Islamic republic has denied the allegations. Endit