Saudi Arabian Minister of Petroleum and Mineral Resources Ali Al-Naimi stated today that the plunge in oil prices can be attributed to the lack of cooperation by producers outside the Organization of the Petroleum Exporting Countries (OPEC). However, Mr. Al-Naimi appeared confident that the prices will soon recover.

Addressing an energy forum in Abu Dhabi, the Saudi Arabian Minister noted that the dissemination of misleading information and speculators’ greed contributed to the continuation of the drop in prices.

Al-Naimi also dismissed claims of a Saudi “plot” to push prices down for political purposes, as baseless accusations.