Rouhani seeks to reassure Iranians amid plummeting oil prices, says others will be worse hit

The Iranian president is trying to reassure his nation amid plunging oil prices and says that major producers such as Saudi Arabia will be more affected by the global crisis.

Speaking in the southern Iranian port city of Bushehr, Hassan Rouhani said Iran will weather the "strain."

Rouhani last month said the sharp fall in global oil prices was the result of "treachery" — an apparent reference to regional rival Saudi Arabia, which opposed production cuts.

On Tuesday, Rouhani said that "those who deliberately created the fall in oil prices will regret it."

Iran relies on oil for up to 60 percent of its foreign revenue.

Oil prices have lost well over half their value since late June, with benchmark U.S. prices now trading below $45 a barrel.