Gulf countries not to reduce oil production

The Saudi move was supported by the representatives of Kuwait and the United Arab Emirates, according to the BBC’s Russian Service.

"The reason for a sharp drop in oil prices is not the large amount of its production, but the machinations of speculators and non-OPEC countries," he said.

He also rejected claims that Saudi Arabia has arranged a conspiracy to reduce oil prices.

"The oil markets will recover after the fall of prices, and the value of oil will rise very soon," Al-Naimi said.