Foreign Minister Adel Al-Jubeir

Foreign Minister Adel Al-Jubeir and his Chinese counterpart Wang Yi reviewed aspects of bilateral relations and discussed a number of regional and international issues on Wednesday.

Earlier, speaking to CNN’s Wolf Blitzer on The Situation Room on, Al-Jubeir said the crash in oil prices is being fueled by oversupply.

“People should go back to Adam Smith and basic economics. It’s about supply and demand,” Al-Jubeir said when asked about allegations that the Kingdom is trying to hurt Iran with cheap oil. “We let the market determine where the equilibrium should be. What we’re seeing now is the market price.”

“You cannot manipulate the market and be able to do so consistently,” Al-Jubeir said. “If you try to manipulate it one way or the other, eventually you overshoot or undershoot and you pay a tremendous price for it.”

Al-Jubeir dismissed speculation about Saudi motives to rumor mongering. “In the Middle East, the conspiracy theories are about what the great powers are doing. In the West, the conspiracy theories are about what the oil powers are doing.”

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