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Opec not responsible for decline in oil prices: Saudi minister

Opec not responsible for decline in oil prices: Saudi minister

NEW YORK: Oil Minister of Saudi Arabia Ali al-Naimi has said that the declining prices of oil in the Gulf States are not the fault of Opec group.
Naimi said during a conference in Abu Dhabi that “the spread of misleading information and speculation” had contributed to the 40 percent price fall.
He said that Opec was not going to cut production and ruled out holding any emergency meetings.
The Gulf minister said that he welcomed the decision of companies outside Opec who wanted to restrict output.
Opec’s Secretary-General Abdullah al-Badri said that he was hoping that the price would rebound by the end of the second half of 2015.