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Only Allah can
determine the future of oil prices, said Saudi Oil Minister Ali al-Naimi,
adding that neither Saudi Arabia nor OPEC can really control them anymore.
"No one can set the price of oil — it's up to
Allah," al-Naimi said Tuesday in an interview with CNBC, responding to a
question about whether Saudi Arabia will cut its oil production.
He also said that he was not concerned over the
prospects of Iran returning to the oil market if sanctions against the country
are lifted. In this case, Iran would resume oil exports, triggering a fall in
prices by as much as US$15, according to estimates by the US Energy Information
Administration.
The sharp fall in oil prices started in July 2014,
when a barrel of Brent crude oil cost US$114. By January, oil prices had more
than halved, reaching a six-year low due to an oversupply in the global market.
However,
in recent weeks oil prices have seen a notable recovery. On Monday the price of
Brent crude reached its highest in 2015, surpassing US$67 per barrel.
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