Saudi Arabia concerned over oil price reduction

The Saudi minister of petroleum and mineral resources, Engineer Ali Al-Niamy, expressed his country's anxiety regarding the fall in oil prices.

He denied reports that the deterioration in oil prices is due to the decision of OPEC in its most recent conference in Jakarta to raise its production level to 27.5 million barrels daily.

He said what was done by the oil ministers in Jakarta was an attempt to narrow the gap between the organization's theoretical production level and its actual production level at the time.

Experts say the reasons for the reduction of the petrol prices are the economic stagnation taking place in some of the Asian countries and increasing production by non-member countries.