While some such as Iran and Venezuela have urged an output cut to support prices, the Organization of the Petroleum Exporting Countries (OPEC) decided in a meeting last month against reducing production.
Some Saudi Arabian officials have in recent months told private briefings that the kingdom was prepared to withstand depressed oil prices, possibly as low as $70 per barrel, for a prolonged period.
Such messages have sparked conspiracy theories, ranging from the Saudis seeking to curtail the U.S. oil boom, which needs high prices to remain profitable, to Riyadh looking to undermine Iran and Russia due to their support of Saudi's arch-enemy, Syrian President Bashar al-Assad.
Read MoreOil tumbles after Morgan Stanley cuts forecast
Iran has in the past accused fellow Muslim countries in the region of plotting with the West to bring down oil prices as a tactic to undermine its sanctions-hit economy.
While Islamic hardliners in Iran have been quick to blame Saudi Arabia for the price falls, Rouhani and his moderate government have been careful not to antagonise the kingdom, a fellow OPEC member and regional rival, in the interest of better future ties.
Riyadh has said its oil policy is based on economic principles.
Read MoreOil battle is sticky, but OPEC may be forced to act
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