Oil price fall is temporary, says Saudi minister

Recent falls in the price of oil are likely to be temporary, says the oil minister for Saudi Arabia, Opec's biggest producing nation

Ali al-Naimi said commodity price fluctuations were to be expected and said he was hopeful for the future.

He added it was "difficult, or even impossible, for Saudi Arabia or Opec to undertake any measure that would lead to a reduction in [their] share of the market and an increase in of others".

The price of oil has halved since June.

On Thursday, the price of Brent crude was just below $63 a barrel, while US crude was near $58.

Oil prices, which were

Oil price: Opec members split over output cuts

Saudi Arabia has indicated it will not push for output cuts to help push up oil prices, as Opec oil producers prepare for their meeting on Thursday.

The oil market will "stabilise itself eventually", said Saudi Oil Minister Ali al-Naimi.

Saudi Arabia is the largest producer of the 12 members of the Organization of the Petroleum Exporting Countries (Opec).

The oil cartel is split over how to react to the sharp slump in oil prices.

The price of Brent crude has plunged 30% since June, triggered by a sharp rise in US shale oil output and weakening global demand.

There is speculation that

Saudi Arabia oil sales to U.S. hit by Sale boom

The U.S. imported 878,000 barrels of Saudi crude a day in the first four weeks of August, the least since 2009 with the Middle Eastern oil giant producer now looking more and more towards Asia form where it can easily squeeze out Nigeria’s growing foothold.

Saudi Arabia’s Arab Light crude for sale in the U.S. averaged 48 cents a barrel less than Light Louisiana Sweet, a Gulf Coast benchmark, in August, the narrowest discount in data compiled by Bloomberg back to 1991.

After years of keeping the price of crude sold to the U.S. low enough to maintain market share, Saudi Arabia is losing ground as the shale boom leaves U.S. refiners with ample supplies of inexpensive domestic oil.

Shale drilling has boosted U.S. oil output to the highest level since