The Oil Price Drop Is Not Opec's fault Say Gulf Ministers

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.
Speaking in Abu Dhabi, he also dismissed claims of a Saudi plot to push prices down for political goals.
Ministers from Kuwait and the UAE also said there were no plans to cut output.
Mr Naimi said that if producer countries outside Opec wanted to restrict output, "they are welcome".
"We are not going to cut, certainly Saudi Arabia is not going to cut."
Kuwait's Oil Minister, Ali al-Omair, said Opec did not need to cut production and would not consider an emergency meeting.
"I don't think we need to cut. We gave a chance to others [and] they were not willing to do so," he said during the conference in Abu Dhabi on Sunday.
In November, Opec decided to keep its target output of 30 million barrels per day unchanged, leaving the market to balance itself without the group taking action.

Price rise?

In the past, Saudi Arabia, the world's largest producer, has acted to reinin output to support prices.