Saudi Arabia's oil minister said on Sunday non-cooperation by producers outside of the Organisation of the Petroleum Exporting Countries (Opec) and the actions of speculators had led to the oil price fall, but he was confident the market would improve.

In a speech in Abu Dhabi, the minister, Ali al-Naimi, denied politics played a role in the kingdom's oil policy and said the price decline would not have "a noticeable and big" impact on the economies of Saudi Arabia or other Arab countries.

Earlier, the UAE oil minister blamed the "irresponsible" supply from producers outside Opec as one of the biggest reasons for the slide of oil prices.

Suhail Bin Mohammed al-Mazroui was addressing the opening of a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.

"The world has witnessed a big decline in prices which has and will constitute a big economic burden...One of the big reasons is the irresponsible production of some producers from outside Opec," he stated.

Mazroui also said the recent decision of Opec not to cut its production was correct. "It was a correct and strategic decision. We are fully confident of the last decision of Opec," he added.-Reuters