With speculation rife over how long Saudi Arabia is content to see oil prices slump, the country's oil minister told CNBC that only Allah knows where prices are heading.
Influential 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 amid widespread speculation over how long Saudi Arabia will maintain its decision not to cut production - a move that could support prices.
Al-Naimi insisted that he was "not worried at all" about the prospect of Iranian crude coming back onto the market if sanctions on Iran are lifted as part of an international nuclear deal. Such a move could drive prices lower, as it would add to the global glut in supply.
His comments come after a tumultuous twelve months for oil. The price of benchmark Brent crude has fallen from a high of $114 a barrel last June to six-year lows in January on the back of this over-supply and lack of demand.