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Oil prices will improve – Saudi minister

Non-cooperation by producers outside the OPEC and the actions of speculators had led to continued drop in prices

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.