Saudi Arabia's Oil Minister rejected as "untrue and malicious" claims of a so-called conspiracy being responsible for the recent drop in oil prices which has affected oil-producing nations, including his own.
Speaking to an energy conference in Berlin, Al-Naimi expected imminent stability for prices. "I view that the demand on oil will increase in a gradual and slow manner," he said.
About Saudi Arabia's comfortable economic situation due to its huge financial reserves and considerably low costs in extracting oil, he commented that "these are all tools we can use to our advantage." On the other hand, he reiterated that his country, the world's second largest oil producer, would not be limiting production for prices to rise, explaining that "this is not our (Saudi Arabia's) duty."