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By Staff Writers, teleSUR
teleSUR
Monday, Dec 22, 2014
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| Saudi Arabia's Oil Minister Ali al-Naimi talks to journalists before a meeting of OPEC oil ministers at OPEC's headquarters in Vienna November 27, 2014. | Photo: Reuters |
Iran has speculated that there is a politcal conspiracy behind drop in price of oil.
The United Arab Emirates’ petroleum minister, Suhail Bin Mohammed al-Mazroui, rejected accusations that there is a conspiracy to drive down the price of oil for political reasons.
"There is no conspiracy, there is no targeting of anyone. This is a market and it goes up and down," said the oil minister.
Mazroui spoke with reporters on Sunday at the summit of Organization of Arab Petroleum Exporting Countries in the United Arab Emirates.
At its most recent summit the Organization of Petroleum Exporting Countries (OPEC) voted not to cut production, which followed by a fresh drop of oil prices
Iranian Oil Minister Bijan Zangeneh said last week that the continuing price slide was a "political conspiracy" alleging it was being done to hurt countries such as Iran.
Analysts have also speculated that Saudi Arabia, the world's largest exporter of oil, is under pressure from their close ally, the United States, to bring down the price of oil to negatively impact the economies of oil-exporting countries such as Russia and Venezuela.
Saudi Arabia also rejected the notion of a conspiracy and reiterated on Sunday it would not cut output to prop up oil markets even if non-OPEC nations did so.
Saudi Oil Minister Ali al-Naimi said he was "100 percent not pleased" with prices but claimed they would improve. He blamed the fall in prices to half their levels of six months ago on speculators.
The United Arab Emirates oil minister urged all of the world's producers on Sunday not to raise their oil output next year, saying this would quickly stabilize prices.
"We invite everyone to do what OPEC did and take a step to balance the market through not offering additional products in 2015, and if everyone abides by (the) OPEC decision, the market will stabilize and it will stabilize quickly," Suhail Bin Mohammed al-Mazroui said.
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