Speculation and taxes in oil consuming nations, not the Organization of Petroleum Exporting Countries, are to be blamed for rising crude prices, Kuwaiti daily Arab Times reported Tuesday, citing from an interview with Saudi Arabia's King Abdullah.
"We have nothing to do with the rising prices of oil in the world and there might be some other factors contributing to the increase, such as a few people trying to play with the market to serve their personal interests while some countries are increasing duties on oil products, except on those which they produce locally," King Abdullah said, the paper reported.