Oil-rich Gulf states have vowed not to cut crude production, blaming speculators and producers outside the Opec group for tumbling prices. Saudi Arabia's Oil Minister Ali al-Naimi said "the spread of misleading information and speculation" had contributed to the 40% price fall. Speaking in Abu Dhabi, he also dismissed claims of a Saudi plot to push prices down for political goals. Ministers from Kuwait and the UAE also said there were no plans to cut output. Mr Naimi said that if producer countries outside Opec wanted to restrict output, "they are welcome".