Saudi minister on reasons for oil price fall

DUBAI: Saudi Arabia’s oil minister said non-cooperation by producers outside of the Organisation 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.

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.