Saudi Arabia's Oil Minister Ali Al Nuaimi has said that the fall in global oil prices is a temporary problem which will pass off over a period of time. He also rejected reports that the Saudi Arabia is pushing prices lower. Ali Al Nuaimi said in Riyadh that the sharp falls were not driven by political will. He blamed the sharp falls in price on an increase in non-OPEC supply at time when demand is slowing down amid weaker economic growth. The Minister said market must not forget the negative role of speculators in causing volatility. Brent crude has fallen 45 per cent since mid June to five-and-a-half year lows and closed at 62.64 dollars per barrel yesterday.