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The market is full of oil and the rising price trend is "fake and imposed," Iran's president said on Tuesday, partly blaming a weak U.S. dollar which he said was being pushed lower on purpose.
"At a time when the growth of consumption is lower than the growth of production and the market is full of oil, prices are rising and this trend is completely fake and imposed," President Mahmoud Ahmadinejad said in a televised speech.
"It is very clear that visible and invisible hands are controlling prices in a fake way with political and economic aims," he said when opening a meeting of the OPEC Fund for International Development in the central Iranian city of Isfahan.
The country's Information and Culture Minister, Iyad Madani, said that the kingdom would work with OPEC to "guarantee the availability of oil supplies now and in the future".
In a statement following the weekly meeting of the Saudi Cabinet, Mr Madani said the current price of oil was unjustified and pledged action to prevent further "unwarranted and unnatural" price hikes.