Saudi Arabian Oil Minister Ali al- Naimi said a summit of oil producers, consumers and companies this month will find a solution to ``stabilize'' oil prices that are ``unjustified'' by supply and demand fundamentals.
Saudi Arabia has invited nations including the U.S., U.K. China, Germany, India and Japan to the June 22 meeting in the coastal city of Jeddah, al-Naimi said in statement published today by the Saudi Press Agency.
``The meeting in Jeddah will discuss the increase in oil prices, which are unjustified by market fundamentals, and suggest appropriate solutions,'' the minister said. ``This meeting is expected, god willing, to produce positive results that will contribute to stabilizing the international oil market.''
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