Saudi Arabia's oil minister said on Sunday non-cooperation by producers outside of the Organization of the Petroleum Exporting Countries and the actions of speculators had led to the oil price fall, but he was confident the market would improve.
In a speech in Abu Dhabi, the minister, Ali al-Naimi, denied politics played a role in the kingdom's oil policy and said the price decline would not have "a noticeable and big" impact on the economies of Saudi Arabia or other Arab countries.
"The kingdom of Saudi Arabia and other countries sought to bring back balance to the market, but the lack of cooperation from other producers outside OPEC and the spread of misleading information and speculation led to the continuation of the drop in prices," he said.
Speaking at a conference in the capital of the United Arab Emirates (UAE), he added: "The talk about conspiracy by Saudi Arabia for political motives ... is baseless and shows lack of understanding."
"The (oil) policy of the kingdom is based on a strict economic basis, nothing more, nothing less," he said.
"I am confident the oil market will improve."
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