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LequteMan
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According to the BBC, Oil-rich Gulf states have vowed not to cut crude production, blaming speculators and producers outside the Opec group for tumbling prices.
Saudi Arabia's Oil Minister Ali al-Naimi said "the spread of misleading information and speculation" had contributed to the 40% price fall.
He also dismissed claims of a Saudi plot to push prices down for political goals, which rumors say included a punishment for Russia by cutting down its oil revenue.
Meanwhile, Opec's Secretary-General Abdullah al-Badri told Reuters news agency on Sunday he hoped to see a recovery in the price of oil by the end of next year.
#SaudiArabia #Oil #OPEC
Saudi Arabia's Oil Minister Ali al-Naimi said "the spread of misleading information and speculation" had contributed to the 40% price fall.
He also dismissed claims of a Saudi plot to push prices down for political goals, which rumors say included a punishment for Russia by cutting down its oil revenue.
Meanwhile, Opec's Secretary-General Abdullah al-Badri told Reuters news agency on Sunday he hoped to see a recovery in the price of oil by the end of next year.
#SaudiArabia #Oil #OPEC
