Saudi Arabia's oil chief says that allegations the kingdom conspired to bring oil prices down to harm its neighbors are false.

Petroleum Minister Ali Naimi said at an oil summit in the United Arab Emirates on Sunday that "the best thing for everybody is to let the most efficient produce."

His remarks were likely meant to alleviate concerns by some of the oil giant's neighbors that the kingdom is forcing lower oil prices to damage their economies.

An OPEC meeting last month failed to agree on production cuts, mainly because of Saudi opposition. OPEC controls about 40 percent of the world oil market.

Naimi says lack of cooperation among non-OPEC members and the spread of "misinformation" have contributed to the drop in global oil prices.