Only Allah knows where prices are heading – Saudi Oil Minister

FXStreet (Mumbai) - Amid speculations that oil prices could have bottomed out, Saudi Arabia Oil Minister told CNBC on Tuesday that only Allah knows where prices are heading.

Saudi Oil Minister, Ali Al-Naimi, told CNBC Tuesday that "no one can set the price of oil - it's up to Allah." The remark comes a month ahead of the OPEC meeting, where the group is not expected to cut production.

He further added that Saudi is “not worried at all" about the prospect of Iranian crude coming back onto the market in case the sanctions on the nation are lifted.