With speculation rife over how long Saudi Arabia is content to see oil prices slump, the country's oil minister told CNBC that only Allah knows where prices are heading. Influential Saudi Oil Minister, Ali Al-Naimi, told CNBC Tuesday that "no one can set the price of oil - it's up to Allah." The remark comes amid widespread speculation over how long Saudi Arabia will maintain its decision not to cut production - a move that could support prices. Al-Naimi insisted that he was "not worried at all" about the prospect of Iranian crude coming back onto the market if sanctions on Iran are lifted as part of an international nuclear deal. Such a move could drive prices lower, as it would add to the global glut in supply. His comments come after a tumultuous twelve months for oil. The price of benchmark Brent crude has fallen from a high of $114 a barrel last June to six-year lows in January on the back of this over-supply and lack of demand.

Saudi Oil Minister Ali al-Naimi speaks to journalists ahead of the OPEC meeting on November 27, 2014. Samuel Kubani | AFP | Getty Images

Diversifying?

Against the backdrop of subdued energy prices and rising geopolitical tensions in the Middle East, Saudi Arabia is attempting to diversify its economy away from oil. Abdullatif Al-Othman, governor of the Saudi Arabian General Investment Authority, told CNBC that the country was ready to diversify. "You have traditional sectors such as oil and gas, energy, utility and downstream chemicals and this is where we say we need to grow and capture the value—but also we have new sectors that are coming up," he said in an interview broadcast on Tuesday. "The government is spending a lot of money on healthcare, transportation and logistics, the Information Communications Technology (ICT) sector and the mining sector. There is strong push to increase research and development, education, training and human capital development in Saudi Arabia."

Bourse to open to foreigners