The fall in the price of oil has led to a $5.2-billion decline in Iran’s oil revenues. The Tasnim website reports that according to OPEC, the price of Iranian oil has fallen by $60 a barrel since last June.

Oil’s price drop, which began last June, has picked up momentum since December, with a barrel of oil now selling for well below $50 a barrel.

Islamic Republic officials blame plunging oil prices on a conspiracy between the U.S. and Saudi Arabia.

Since top oil producers such as the U.S. and Saudi Arabia have no intention of cutting oil production, analysts predict that the price of oil could even sink below $40 a barrel.