Saudis Claim Conspiracy Theorists, Not OPEC, To Blame For Oil Price Crash

Wednesday, March 18, 2015
By Paul Martin

By Nick Cunningham
OilPrice.com
Tue, 17 March 2015

A top Saudi official said on March 15 that Thomas Friedman and other conspiracy theorists are to blame for the crash in oil prices.

Rather than an oversupply and weak demand causing an imbalance in global oil markets, Dr. Ibrahim Al-Muhanna, the advisor to Saudi Arabia’s Petroleum Minister, said that excessive speculation drove the oil bust.

“The recent price fall was due largely to expectation and perception about future supply and demand… and the ever-present – and incorrect – belief in conspiracy theories,” Al-Muhanna said at the Institute of International Finance Spring Membership Meeting on March 15.

Al-Muhanna admitted that supplies were building over the course of 2014, but said that demand “remained strong” and that the price fall was unjustified given market fundamentals. After prices started to fall, the media and market analysts drove the narrative to unfounded levels.

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