Saudi Arabia's Oil Minister Ali al-Naimi said Tuesday that the world's top oil exporter would strive to moderate crude prices and will meet demand in the market.

"We hope the price will moderate and we will work toward moderating the price," Mr. Naimi said.

"We will meet the market demand fully...and we will provide the market with what it needs," he said, but declined to say how much the Arab world's largest economy was currently producing.

Naimi was speaking to reporters ahead of the 31st Gulf Cooperation Council oil cooperation meeting in Riyadh, which is expected to discuss how Gulf states would work together to develop the mining sector. It will also touch on issues such as clean energy and the recent developments on the United Nations Framework Convention on Climate Change's (UNFCCC) Kyoto protocol.

Source: Dow Jones