The lack of cooperation from producers outside the Organization of the Petroleum Exporting Countries (OPEC) led to a continuous fall in oil prices, says Saudi Arabia’s oil minister.
Non-cooperation by producers outside the OPEC and the actions of speculators had led to the continued drop in prices, Al Arabiya reports citing Saudi oil minister Ali al-Naimi.
In a speech in Abu Dhabi, the oil minister denies politics played a role in the kingdom’s oil policy and says the price decline would not have “a noticeable and big” impact on the economies of Saudi Arabia or other Arab countries.
Al-Naimi expresses confidence the market will improve. “I am confident the oil market will improve,” the minister says in a speech at Abu Dhabi’s energy forum.
“The talk about conspiracy by Saudi Arabia for political motives … is baseless and shows lack of understanding,” he adds.
“The (oil) policy of the kingdom is based on a strict economic basis, nothing more, nothing less,” he says.