The drop in oil prices is just a 'ploy' as speculators pretend demand is weak, Saudi Arabia energy minister says

• The drop in oil prices is just an act being put on by speculators, Saudi Arabia's energy chief said.
• "It's not weak," Prince Abdulaziz bin Salman said. "People are pretending it's weak. It's all a ploy." 
• Saudi Arabia has vowed to slash crude production by 1 million barrels a day through the end of the year.

Oil demand isn't weak, and the pullback in oil prices is just an act being put on by speculators, according to Saudi Arabia's energy minister.

Brent crude, the international benchmark, has slumped 17% from a recent peak in September, trading around $81 a barrel on Friday.