Riyadh  - Saudi Arabia said Friday it will do everything possible to maintain the balance of oil prices.

The world's largest oil exporter said it will try to "help bring decrease the price hikes of petroleum, although it believes that spiralling prices are due to speculations and political conflicts which affect the market," Saudi Press Agency (SPA) reported Friday.

The statement comes ahead of Sunday's meeting of oil ministers and oil firms in Jeddah.

The one-day-summit will look at how oil consuming and producing countries and oil firms can cooperate to deal with prices that are not justified by market fundamentals, Saudi Oil Minister Ali al- Nuaimi has previously said.

The Saudi Cabinet said the summit shows the country's concern for the international economy and the stability of the oil market.

The opening session will witness speeches by King Abdullah bin Abdul-Aziz and British Prime Minister Gordon Brown.

Last month, Saudi officials announced that production was increased by 300,000 barrels to meet customer demands after US President George W Bush urged the kingdom to boost output to help end the volatility in world markets.

Saudi Arabia will raise oil production by 200,000 barrels per day in July in response to heightened demand, UN Secretary-General Ban Ki-moon said citing the Saudi Oil minister during a recent visit. (dpa)