Oil & gas

Saudi Arabia ‘confident’ oil prices will improve

Saudi Oil Minister Ali al-Naimi (C) speaks with United Arab Emirates Energy Minister Suhail bin Mohamed al-Mazroui (R) during the opening session of the 10th Arab Energy Conference in Abu Dhabi, on December 21, 2014. (Reuters)

Staff writer, Al Arabiya News
Sunday, 21 December 2014

While Saudi Arabia’s oil minister blamed on Sunday non-cooperation by producers outside of the Organization of the Petroleum Exporting Countries (OPEC) and the actions of speculators for lower oil prices, he expressed confidence that the market would improve.

“I am confident the oil market will improve,” the minister, Ali al-Naimi, said in a speech at Abu Dhabi’s energy forum.

Naimi also 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.

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.”

Source: http://english.alarabiya.net/en/business/energy/2014/12/21/UAE-oil-minister-slams-irresponsible-non-OPEC-producers-.html