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Saudi's Naimi: Non-OPEC, speculators led to oil price slide
December 21, 2014 / 7:18 AM / 3 years ago

Saudi's Naimi: Non-OPEC, speculators led to oil price slide

DUBAI, Dec 21 (Reuters) - Saudi Arabia’s oil minister said on Sunday 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.

In a speech in Abu Dhabi, 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.

Reporting by Rania El Gamal, Writing by William Maclean

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