While describing the slump in oil prices as a plot against Middle East producers, Iran's president said Wednesday it's time to wean the budget from oil.

"The slide in crude oil prices is not merely an economic issue, and it stems from a conspiracy and political planning by certain countries," President Hassan Rouhani said.

Price variances among the 12 blends from the Organization of Petroleum Exporting Countries are seen by some as a sign of internal rivalries among producers that can withstand lower oil prices and those that can't.

Western economic sanctions on Iran's energy sector are already impacting the health of the Iranian economy. For fiscal year 2013-14, the World Bank estimates the Iranian economy has contracted at an annual rate of 1.7 percent.

The downward trend for oil prices, meanwhile, is adding to the pressure on the Iranian economy. The Iranian Heavy crude oil grade sold for more than $100 per barrel last year, but with prices 30 percent below June levels, Rouhani said it was time for a change.

"Compared with the previous years, this issue (oil price slump) is unprecedented and this oil price slide provides an opportunity for us to break the budget's dependence on oil revenues," the president said.

U.S. Vice President Joe Biden said the Iranian economy is "under tremendous pressure" because of sanctions.

The World Bank notes the Iranian government is putting more emphasis on the non-oil segment of the economy as it copes with export restrictions brought on by Western economic sanctions.

Iranian officials said they are drafting a budget for the fiscal year that begins in March based on $70 per barrel.