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Oil Prices Determined by Speculation Only: Saudi Arabia

Speculation was driving triple-digit oil making it impossible for any organization to control its movement

It's impossible to control oil prices now because of speculation, Saudi Arabia's oil minister said in remarks published on Friday.

"Speculation in futures market is determining prices," Ali al-Naimi told Asharq al-Awast newspaper in Morocco. "Today there is no link between oil market fundamentals and prices."

"The duty of oil exporters is to make sure that fundamentals are healthy," said Naimi. "If these fundamentals were stable and fulfill market needs then there is no need to raise or decrease production," he added.