Saudi Arabia, the world's largest oil exporter, said on Sunday it was working to expand its oil production and refinery capacity in order to maintain world economic growth.
"The Supreme Council of Petroleum and Mineral Affairs affirmed Saudi Arabia's desire for oil market stability and maintaining supplies to all regions (of the world) at all times to ensure continuing global economic development," a statement said.
"The Council expressed its satisfaction at the kingdom's work in expanding crude production and refining capacity to help meet global demand," it said. "The kingdom will work with OPEC countries, other producers and consuming countries towards oil market stability and to avoid the effects of harmful speculation."
The Council, headed by King Abdullah, met a day after US Vice President Dick Cheney met with Saudi leaders in Riyadh to discuss oil prices. Washington has said it wants Saudi Arabia to help raise OPEC production to help ease prices.